The Registration Authority (RA) of the Abu Dhabi Global Market (ADGM) has officially joined the Enforcement Working Group (EWG) of the International Forum of Independent Audit Regulators (IFIAR), becoming the first and only member from the Middle East in the prestigious global forum. This milestone follows the RA’s accession as the 56th full member of IFIAR in early 2024, reinforcing its expanding role on the international regulatory stage.
By joining the EWG, the RA aligns itself with leading audit regulators such as the Financial Reporting Council (FRC) of the UK, the Public Company Accounting Oversight Board (PCAOB) of the USA, and Japan’s Financial Services Authority (FSA) and Certified Public Accountants and Auditing Oversight Board (CPAAOB).
The EWG, established in 2013, focuses on strengthening global enforcement coordination, improving audit quality, and safeguarding stakeholders through cross-border collaboration and investigation.
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A mandate for accountability and audit quality
As the designated audit oversight authority within ADGM, the RA is empowered to take regulatory action against audit firms and their principals when necessary. Its participation in the EWG supports its strategic priorities for 2024–2025, which include promoting audit excellence, enforcing high-quality corporate reporting standards, and taking timely and proportionate enforcement action when standards are breached.
A platform for global impact and knowledge exchange
Membership in the IFIAR EWG enhances the RA’s ability to contribute to international dialogue on emerging enforcement issues and adopt best practices from other leading jurisdictions.
It also affirms the RA’s commitment to global regulatory collaboration, a key factor in addressing complex, cross-border audit challenges in an increasingly interconnected world.
By bringing a Middle Eastern perspective to the table, the RA is poised to help shape the evolution of international audit enforcement — while reinforcing ADGM’s reputation as a transparent, well-regulated financial center committed to global standards.
Leadership insights
Commenting on the RA’s membership of the IFIAR EWG, Hamad Sayah Al Mazrouei, CEO of the RA of ADGM, said: “As one of the region’s fastest growing jurisdictions in terms of the number of audit firms and audited entities, effective audit regulation in ADGM is fundamental for fostering a well-functioning business ecosystem, boosting investor confidence, and ensuring investor protection.
“The RA is committed to seamless regulatory information sharing, improving the flow of information between authorities, and strengthening its relationship with regulators across the world. Joining a world-class working group such as the IFIAR EWG provides a forum to promote information and knowledge sharing for more timely, effective and impactful enforcement actions.”
The chair of the IFIAR Enforcement Working Group, Elizabeth Barrett stated: “On behalf of the IFIAR Enforcement Working Group I am delighted to welcome the ADGM as a member of the Group and to the expansion of the jurisdictional reach and insights this will bring for the benefit of all IFIAR members.”
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