3 Hrs
Source:
Sharjah24
Abu Dhabi Market Imposes $100K Fine on BKF
The registration authority at Abu Dhabi Global Market imposed total fines of $100,000 on "PKF" accounting and business advisory firm and the registered audit responsible due to violations during a inspection of audit activities. The inspection revealed fundamental deficiencies in the execution of audit procedures, including non-compliance with International Standards on Auditing (ISA), failure to obtain sufficient audit evidence, inadequate documentation of work, and weaknesses in assessing the risk of fraud. The company was fined $65,000, and the audit responsible was fined $35,000, to ensure adherence to principles of skill and due diligence. These measures aim to maintain high-quality standards in audit processes and reporting within Abu Dhabi Global Market.
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