UAE Regulators SCA and DFSA Strengthen Regulatory Cooperation on Audit Oversight
The Securities and Commodities Authority (SCA), the UAE’s regulator overviewing securities, commodities, and financial markets, and the Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), have signed a Memorandum of Understanding (MoU) to enhance cooperation on audit oversight and regulatory collaboration.
The MoU, signed by HE Waleed Saeed Al Awadhi, Chief Executive Officer of the SCA, and Mark Steward, Chief Executive of the DFSA, represents a significant step toward improving the quality and consistency of audit supervision across the UAE’s financial ecosystem. The agreement aims to strengthen the regulatory oversight of audit firms and promote high standards of transparency, accountability, and investor protection.
Photo caption: HE Waleed Saeed Al Awadhi, Chief Executive Officer of the SCA (right), and Mark Steward, Chief Executive of the DFSA (left), signed and platformd the MoU to strengthen regulatory cooperation on the oversight of auditors.
Takeaway
Enhancing Oversight and Market Integrity
The collaboration will focus on improving the registration, inspection, and supervision of audit firms to ensure consistency across both mainland and free-zone jurisdictions. This joint effort viewks to strengthen the UAE’s financial reporting ecosystem by promoting robust audit practices and ensuring that auditors operating under both regulators adhere to the highest international standards.
Under the MoU, the SCA and DFSA will work together to:
- Coordinate on audit firm registration, inspection, and enforcement processes.
- Share expertise and best practices in oversight methodologies and regulatory standards.
- Collaborate on training programs, research, and information supervisory effectiveness.
- Support through consistent and effective audit oversight.
This partnership reinforces the UAE’s commitment to strong financial governance and reflects the increasing sophistication and global integration of its capital markets.
Takeaway
Building Confidence in a Rapidly Evolving Market
The new MoU arrives as the UAE experiences rapid financial sector growth, attracting both from around the world. As the market expands, effective audit oversight becomes increasingly critical to maintaining the confidence of investors and operating in the region.
By formalizing collaboration between the SCA and DFSA, the MoU creates a unified approach to monitoring auditor performance and ensuring the . The initiative will contribute to a stronger regulatory environment and foster continued investor trust in the UAE’s capital markets.
