The Dubai Financial Services Authority has published its ninth Audit Monitoring Report, revealing a rise in satisfactory audit ratings and stronger investment in technical training among Registered Auditors operating in the Dubai International Financial Centre.
The report covers inspections conducted between January 2024 and December 2025, spanning 26 inspections across 93 engagement files. It found fewer unsatisfactory ratings compared to previous cycles, alongside 10,802 hours of continuing professional development logged by auditors during the period.
Mark Steward, Chief Executive of the DFSA, said high-quality audits remain fundamental to resilient financial markets and reaffirmed the regulator's commitment to raising standards while working closely with the audit profession as DIFC continues to expand.
The cycle marked several regulatory milestones. Auditors of publicly listed companies released their first transparency reports under DFSA Rulebook requirements, disclosing governance structures and internal quality systems. The DFSA also issued its first thematic review on audit working papers archiving and retention, and signed cooperation agreements with the UAE Ministry of Economy and Tourism and the UAE Capital Market Authority.
Total audit fees charged by Registered Auditors climbed to US$33.5 million, a 74 percent increase on the previous cycle, reflecting growing complexity within the DIFC audit market. The DFSA flagged a notable shift in staffing patterns, with reduced Audit Principal involvement and greater reliance on audit managers, and said it would monitor this closely to protect oversight quality.
The report identified five priority areas needing continued attention, including investment valuation, related-party assessments, revenue recognition and stronger justification for audit opinions.
Looking ahead, the DFSA's 2026 inspection cycle will examine quality management systems, artificial intelligence use in audits, and revenue recognition, with a governance and culture review planned for 2026-27.
News Source: Emirates News Agency
