The Registration Authority of Abu Dhabi Global Market (ADGM), a leading international financial centre of Abu Dhabi, has signed an agreement with the UAE Ministry of Economy for co-operation on oversight of the audit profession in the UAE.

The MoU seeks to facilitate coordination between the parties with respect to the registration and supervision of auditors aimed at promoting high standards of financial audits in the UAE, said a statement from the organisation.

This strategic agreement facilitates the exchange of information and expertise between both parties, and strengthens the importance of collaboration among relevant authorities, stated Humaid Bin Butti Al Muhairi, the assistant undersecretary for commercial affairs, Ministry of Economy after signing the deal with Dhaher Bin Dhaher Al Mheiri, the chief executive of the Registration Authority of ADGM.

“It represents an important step in reinforcing the country’s especially Abu Dhabi’s reputation as a global business hub and attracting leading businesses and investors,” noted Al Muhairi.

“The agreement also seeks to align the country’s auditing standards with global best practices and ensure that auditing companies comply with internationally accepted legal and organisational requirements,” he added.

The Ministry of Economy is the regulator of auditors in the UAE, while the ADGM Registration Authority regulates auditors registered to perform financial audits in the ADGM jurisdiction.

The agreement aims to enhance cooperation in the interest of fulfilling each party’s respective regulatory mandates as well as facilitating mutual assistance and the exchange of information relating to the oversight of audit firms and principals.

Al Mheiri said: “As a leading international financial centre, we are committed to building confidence and trust for investors and contributing to the sustainable economic growth for Abu Dhabi and the UAE.”

“Our goal is to ensure that the highest standards of quality is maintained when it comes to auditing, by pursuing best practises and increasing transparency,” he added.-TradeArabia News Service