Arab News Digest

News from the Arab World

ADGM Joins International Forum of Independent Audit Regulators

ABU DHABI: Abu Dhabi Global Market (ADGM), the International Financial Centre (IFC), has announced that on 22nd January 2024, the Registration Authority (RA) of ADGM became a member of the International Forum of Independent Audit Regulators (IFIAR).

The ADGM RA’s membership is a significant step in reinforcing ADGM’s global presence and regulatory collaboration alongside the world’s leading regulators.

This achievement marks a key milestone for the RA and ADGM’s jurisdiction, with only 55 other members, representing key international markets, including the UK and USA. Additionally, there are several prominent global organisations who are observers of IFIAR meetings, including International Organisation of Securities Commodities (IOSCO), Basel Committee of Banking Supervision (BCBS), Financial Stability Board (FSB), and the World Bank.

As an IFC, ADGM is aware of the critical role strong corporate reporting and high-quality audits play in maintaining a robust and well-functioning financial ecosystem. This m
embership highlights ADGM’s commitment to sustaining a regulatory framework and allocating resources that actively foster excellence in audit practices that help serve the public interest. Beyond mere compliance, recognising the importance of high-quality audits directly contributes to investor protection, fortification of corporate and sustainability reporting, and the fundamental building of a more resilient and robust economy.

Commenting on this achievement, Ahmed Jasim Al Zaabi, Chairman of ADGM, said, ‘We are honoured to be a member of IFIAR, an international leader on audit matters whose mission is to serve the public interest, including investors. The RA’s membership further reinforces ADGM’s position within a global network dedicated to enhancing audit oversight globally. It underscores our commitment in this space, positioning ADGM as a dynamic contributor to the evolving regulatory dialogue on a global scale.”

This membership not only signifies ADGM’s standing among leading financial regulators bu
t also opens avenues for the ADGM RA to actively contribute and participate in IFIAR’s initiatives and activities, further solidifying its role in the global regulatory landscape. ADGM remains steadfast in its mission to promote transparency, strong and meaningful corporate and sustainability reporting, investor confidence, and long-term economic growth for Abu Dhabi and the UAE.

Source: Emirates News Agency