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ADGM’s Registration Authority fines two firms for audit failings

High-quality audit is vital for reinforcing trust in financial reporting. (WAM_
  • The RA fined Baker Tilly US$50,000 and Sturgeon US$12,500 for serious failings and gaps in the financial audit
  • The RA expects ADGM firms to conduct and prepare audit reports in accordance with professional standards.

ABU DHABI, UAE – The Registration Authority (RA) of Abu Dhabi Global Market has fined Baker Tilly Middle East Limited (Baker Tilly) and its registered audit principal Neil Andrew Sturgeon (Sturgeon), an ADGM media release said on Friday.

The RA imposed a financial penalty of US$50,000 against Baker Tilly and -US$12,500 against Sturgeon for serious failings and gaps in the financial audit work which led to non-compliance with relevant ADGM requirements.

The regulatory framework requires ADGM firms to conduct audits and prepare reports in accordance with relevant professional standards, applicable regulations and the International Standards on Auditing (ISA).

During an inspection, the RA found significant failures to adhere to the ISA in the two audits carried out by Baker Tilly and Sturgeon.

The breaches of ISA were identified in multiple areas of the audit process, from planning and execution to completion and reporting.

High-quality audit is vital for reinforcing trust in financial reporting which allows shareholders, investors and other stakeholders to rely on financial statements to make informed decisions.

The RA expects its registered auditors and audit principals to ensure that all audit work carried out by them is performed diligently, competently and in accordance with all relevant technical and professional standards.

The Registration Authority said, “One of the RA’s key regulatory objectives is to promote high-quality audit, which is an essential element of a strong financial and business ecosystem. High-quality audits directly contribute to the integrity of markets, provide investor protection and enable the promotion of businesses with confidence.”

It said, “A robust audit regime and monitoring program help ensure auditors do not fall short of the standards expected from them while also increasing the reliability of financial reporting. The RA will use all regulatory tools at its disposal from outreach to enforcement, as appropriate, to promote high standards of audit quality.”