ADGM Registration Authority Becomes First Middle Eastern Member Of IFIAR Enforcement Working Group

The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has become the sole representative from the Middle East in the Enforcement Working Group (EWG) of the International Forum of Independent Audit Regulators (IFIAR). This development follows its recent induction as the 56th full member of IFIAR, scheduled for early 2024.

As a key player in audit oversight, ADGM's RA holds responsibilities such as taking regulatory actions against audit firms and their principals when necessary. By joining the IFIAR EWG, it aligns with other global audit regulators like the UK's Financial Reporting Council and the USA's Public Company Accounting Oversight Board.

The RA’s membership in this group underscores its dedication to maintaining top-notch audit quality and corporate reporting standards. It also highlights the importance of regulatory collaboration and knowledge sharing among international regulators in today's interconnected world.

Established in 2013, IFIAR EWG aims to enhance enforcement coordination, including investigations, to improve stakeholder protection and audit quality. The RA's involvement supports these goals by promoting high standards and ensuring timely enforcement actions.

Through its participation in IFIAR EWG, ADGM's RA will contribute globally to refining enforcement practices across various jurisdictions. This includes addressing new enforcement challenges and bolstering bilateral cooperation among regulators worldwide.

Hamad Sayah Al Mazrouei, CEO of ADGM's RA, stated that effective audit regulation is crucial for fostering a robust business environment. He emphasised that it boosts investor confidence and ensures their protection within one of the region’s fastest-growing jurisdictions.

Enhancing Information Sharing

The RA is committed to improving regulatory information flow between authorities and strengthening relationships with global regulators. Joining IFIAR EWG offers a platform for sharing information and knowledge for more effective enforcement actions.

Elizabeth Barrett, chair of IFIAR EWG, expressed her delight at welcoming ADGM as a member. She noted that this expansion would enhance jurisdictional reach and insights for all IFIAR members.

The RA’s strategic priorities for 2024-2025 focus on promoting high audit quality standards. It aims to take decisive enforcement action against those failing to uphold these standards, thereby maintaining ADGM’s financial ecosystem integrity.

With inputs from WAM