Financial services entities are subject to increasing scrutiny from regulators, investors, clients and boards. For firms operating in or from the UAE, including financial centres such as DIFC and ADGM, the quality of financial reporting and governance can be critical to maintaining stakeholder confidence.
RAA provides audit and assurance services for small and medium-sized financial services firms. This may include investment advisory firms, asset and wealth managers, arrangers, brokers, fintech businesses, payment-related entities, fund service providers and other financial services companies, depending on the nature of their activities and licensing arrangements.
Our audit approach focuses on the areas that typically carry risk in this sector: revenue recognition, client assets, investment balances, fair value measurement, regulatory capital, related party transactions, outsourced service arrangements, compliance controls and going concern. We also consider the quality of evidence supporting regulatory reporting and the extent to which internal controls are aligned with the expectations of boards, shareholders and regulators.
We recognise that financial services audits require professional scepticism, independence and a clear understanding of the entity’s operating model. Where ethical or regulatory requirements restrict the services an auditor can provide, we maintain appropriate boundaries and work with management to ensure the audit remains independent, credible and fit for purpose.
