The DFSA publishes Audit Monitoring Report for enhanced audit oversight

The Dubai Financial Services Authority (DFSA) published today its 8th Audit Monitoring Report, providing key findings from inspections of Registered Auditors conducted in 2022 and 2023.
Over the past two years, the DFSA has completed a record number of inspections to ensure that audit quality within the Dubai International Financial Centre (DIFC) remain rigorous and reflective of global best practices.
The report analysed financial statement audits, regulatory engagements, and anti-money laundering, and reveals a significant decline in audit quality, mirroring global trends. The findings also outline the measures taken by the DFSA to address some of the challenges faced by auditors – underscoring its commitment to maintaining the highest standards of audit quality and regulatory oversight.
In addition, aligned with global principles of transparency and accountability observed by audit regulators, the report reinforces the importance of integrity and reliability of financial regulations. By adhering to these principles, the DFSA ensures that the financial practices within the DIFC are transparent, accountable, and trusted globally.