Companies regulated by the Dubai Financial Services Authority (DFSA) are required establish and maintain an internal audit function with responsibility for monitoring the appropriateness and effectiveness of its systems and controls. This function acts as a third line of defense providing another layer of assurance to the Board on compliance with applicable laws, rules and regulations of the DIFC and DFSA.
For improved corporate governance, companies should build strong and robust control systems, and this holds true for systems other than the financial systems. An effective, transparent and responsible internal audit function established by the company should function in an independent manner, without intervention of the other existing business functions or departments. This will facilitate a fair assessment of the effectiveness of internal control systems and procedures.
Our Designated Non-Financial Businesses and Professionals (DNFBP) registration with the DFSA allows us to provide internal audit services to Authorised Firms regulated by the DFSA.
At PKF UAE, our team of qualified professionals experienced in internal audit of DFSA regulated entities, adopts a risk-based approach to execute internal audit. Our internal audit methodology covers a wide range of areas such as review of adherence to operating procedures, assessment of risk management systems, quality of financial records, compliance to IFRS requirements, DFSA / DIFC regulatory compliance, review of AML returns, operating effectiveness of internal controls, etc.
PKF UAE’s DFSA internal audit services in the UAE are designed to add value by improving the organisation’s overall control function. We can assist in developing a robust internal audit function.
Need assistance with DFSA internal audit function? Contact us at dubai@pkfuae.com