Recent events

ADGM Registration Authority fines PKF Accountants and its audit principal $100,000 over audit deficiencies

The Registration Authority of ADGM in Abu Dhabi imposed fines totalling $100,000 — $65,000 on ADGM-registered audit firm PKF Accountants and Business Advisers and $35,000 on its registered audit principal Saranga Lalwani — after an on-site inspection identified significant deficiencies in an audit of an ADGM-registered entity, including failures to conduct the audit and prepare the audit report in accordance with International Standards on Auditing, failure to exercise due skill, care and diligence, improper rebuttal of the mandatory fraud risk of management override of controls, failure to assess fraud risks, insufficient audit evidence and inadequate audit documentation.