Abu Dhabi Regulator Fines KPMG Lower Gulf for Audit Failings

Aug. 31, 2023, 8:35 AM UTC

The registration authority of Abu Dhabi Global Market imposes $30,000 penalty on KPMG Lower Gulf for “ineffective systems and controls leading to non-compliance with audit requirements,” according to a statement.

  • Authority finds that KPMG demonstrated a “systemic failure to ensure that only its ADGM Registered Audit Principals sign audit reports for ADGM entities in compliance with” the registration authority’s requirements

To contact the reporter on this story:
Omar Tamo in Abu Dhabi at otamo@bloomberg.net

To contact the editor responsible for this story:
Dana Khraiche at dkhraiche@bloomberg.net

© 2023 Bloomberg L.P. All rights reserved. Used with permission.

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