SCA and DFSA sign MoU to enhance audit oversight and strengthen regulatory cooperation in the UAE
The Securities and Commodities Authority (SCA) and the Dubai Financial Services Authority (DFSA) have signed a Memorandum of Understanding (MoU) to enhance cooperation in audit oversight and strengthen the regulatory framework across the United Arab Emirates’ financial sector.
The agreement aims to bolster regulatory collaboration between the two authorities in key areas such as auditor registration, inspection, and supervision, ensuring improved financial reporting, enhanced market integrity, and greater investor confidence.
Under the MoU, the SCA — the UAE’s federal regulator overseeing securities, commodities, and financial markets — and the DFSA — the independent regulator of the Dubai International Financial Centre (DIFC) — will collaborate on monitoring and supervising audit practices while sharing technical expertise and insights. This partnership supports the UAE’s broader goal of maintaining a robust and transparent financial system amid the growing complexity of global and domestic markets.
His Excellency Waleed Saeed Al Awadhi, Chief Executive Officer of the SCA, said:
“The signing of this MoU with the DFSA marks a new era of collaboration and transparency in audit oversight. As the UAE’s financial market continues to grow, strengthening our regulatory frameworks and promoting best practices in auditing is essential. This agreement will enhance our collective efforts to safeguard the integrity of the financial system and reinforce investor confidence.”
Mark Steward, Chief Executive of the DFSA, added:
“This is the start of a new era of collaboration between the DFSA and SCA. Our agreement will strengthen audit standards across all securities firms operating in the UAE and DIFC, including in the nation’s capital markets. My DFSA colleagues and I look forward to working more closely with our SCA counterparts.”
The agreement is expected to create a more streamlined and effective regulatory environment, enabling both authorities to share knowledge, resources, and best practices to improve the enforcement of financial reporting standards and audit processes.
Both the SCA and DFSA reaffirmed their commitment to building a strong, sustainable, and transparent financial ecosystem that aligns with the UAE’s vision for economic resilience and global competitiveness.
