Abu Dhabi: The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has officially become a member of the Enforcement Working Group (EWG) of the International Forum of Independent Audit Regulators (IFIAR), marking it as the sole representative from the Middle Eastern region in the group. This milestone follows the RA's announcement of becoming the 56th full member of IFIAR in early 2024.

According to Emirates News Agency, the ADGM's RA holds the authority for audit oversight, including the responsibility to take regulatory action against audit firms and principals when necessary. By joining the IFIAR EWG, the RA aligns with prominent audit regulators worldwide, such as the Financial Reporting Council (FRC) of the UK, Public Company Accounting Oversight Board (PCAOB) of the USA, and Japan's Financial Services Authority (FSA)/Certified Public Accountants and Auditing Oversight Board (CPAAOB).

The IFIAR EWG, established in 2013, aims to enhance coordination around enforcement, including investigations, to improve stakeholder protection and audit quality. The RA's membership reinforces its dedication to upholding high standards in audit quality and corporate reporting, while emphasizing the significance of regulatory collaboration and knowledge sharing among global regulators.

Aligned with its regulatory priorities for 2024-2025, the RA is focused on promoting high audit quality standards and executing timely, decisive enforcement actions. Such enforcement is crucial to uphold the integrity of ADGM's financial ecosystems by ensuring appropriate penalties for those failing to meet expected standards. As part of the IFIAR EWG, the RA aims to contribute globally to the enhancement of enforcement practices across jurisdictions and to address emerging enforcement issues through strengthened bilateral cooperation.

Hamad Sayah Al Mazrouei, CEO of the RA of ADGM, emphasized the importance of effective audit regulation for fostering a robust business ecosystem, boosting investor confidence, and ensuring investor protection in one of the region's rapidly growing jurisdictions. He highlighted the RA's commitment to improving information flow and strengthening relationships with international regulators through participation in the IFIAR EWG.

Elizabeth Barrett, chair of the IFIAR Enforcement Working Group, expressed her delight in welcoming ADGM to the group, noting the expanded jurisdictional reach and insights this membership will bring to benefit all IFIAR members.