ADGM regulator fines MCA Auditors USD 88,000 over audit failures
The Registration Authority of Abu Dhabi Global Market has imposed financial penalties totaling USD 88,000 on MCA Auditors and Advisors LLP and its Audit Principal after finding audit failures during an inspection in Abu Dhabi. The RA said the action followed an on-site inspection to assess MCA Auditors' compliance with ADGM's Auditors Rules and the quality of its audit work.
As an Amazon Associate we earn from qualifying purchases.
During that review, the regulator identified deficiencies in an audit conducted for an ADGM-registered company by MCA Auditors. The penalties were split into USD 52,000 on MCA Auditors and USD 36,000 on the Audit Principal.
The RA said the failings covered multiple areas of the audit, including risk assessment procedures, fraud risk considerations, group audit requirements, communications with those charged with governance, and insufficient evidence over material areas. It also said there was limited evidence of the Audit Principal's involvement throughout the engagement.
In setting the penalties, the RA said it considered cooperation, acknowledgement of the findings, MCA's root-cause analysis and remediation plan, among other factors.
As an Amazon Associate we earn from qualifying purchases.
