CMA Decision No. 25/R of 2015 · UAE Federal
Establishes the register of audit firms permitted to audit public shareholding companies and mutual funds, with conditions, appeals, notification duties and revocation of registration.
Decision No. 25/R of 2015 creates the Authority's register of audit firms and restricts the audit of UAE public shareholding companies and UAE mutual funds to firms on it: only registered auditors may review or report on their interim or annual accounts or financial statements (Article 2). It was issued on 30 July 2015 and took effect the day after Official Gazette publication (Article 16; the index records 1 September 2015). Existing firms had six months to comply, failing which they could take no new audit assignments from such companies or funds (Article 15). It is in force without amendment.
To register, an audit firm must be a national company or foreign firm's branch with at least five years' audit experience, be on the Ministry of Economy's roster of practising auditors and licensed by the emirate's competent authority, have systems for compliance with international auditing, audit quality, ethics, IFRS and IAS standards, appoint an authorised registered representative in each UAE branch, and hold professional indemnity insurance (Article 3). The Authority decides within 30 days of a complete application, with silence meaning rejection; a rejected firm must wait six months to reapply, and approval lapses if fees are not paid within 30 days (Articles 4 and 5). Appeals go to the Chief Executive Officer within 30 days and then to court within 30 days (Article 6). Registration lasts three years to the end of December of the third year and is renewed in the final month (Article 7).
Registered firms must notify the Authority within 30 days of a change in the engagement partner, a lawsuit about their practice or any change in their data (Article 8). They may not provide non-audit services that affect independence, and neither the firm nor its staff may deal in or advise on the audited entity's securities (Article 9). Article 10 sets the scope of the audit, including related-party transactions. Article 11 limits any audit firm to three consecutive financial years with a company or fund, followed by a two-year cooling-off period.
Article 12 allows revocation or suspension for up to three months for failing conditions, failing quality review or standards, six months' non-renewal, obstructing inspection or breaching duties; re-registration is possible after one year (Article 13).
Audit firms (national firms and branches of foreign firms) auditing UAE public shareholding companies or mutual funds established in the UAE, and those companies and funds, their boards and audit committees, which may appoint only registered firms.
English official text in 16 articles. Open the full text or jump to a provision:
| Article 2 | Establishes the Authority's register of audit firms; only enrolled auditors may review or report on the interim or annual accounts or financial statements of public shareholding companies and mutual funds. |
| Article 3 | Registration conditions: national firm or foreign branch with five years' audit experience, Ministry roster and local licence, systems to meet international auditing, quality, ethics, IFRS and IAS standards, branch representatives and professional indemnity insurance. |
| Article 4 | Applications on the Authority's form with partner and manager CVs and named engagement auditors; further information within 10 working days; decision within 30 days, silence counting as rejection. |
| Article 7 | Registration is valid for three years ending in December of the third year and is renewed by application in the last month of that year. |
| Article 8 | Registered firms must notify the Authority within 30 days of a change of engagement auditor, a professional lawsuit in the State, or any change to their registered data. |
| Article 9 | Registered firms may not provide services that affect their independence, and neither the firm nor its staff may trade or advise on the audited company's or fund's securities. |
| Article 11 | An audit firm may not audit the same company or fund for more than three consecutive financial years and may not be reappointed until two financial years have passed. |
| Article 12 | The Authority may revoke registration or suspend it for up to three months for unmet conditions, failed quality review, non-compliance with standards, six months' non-renewal, obstruction or professional breach; appeal to the CEO then court. |
| Article 15 | Audit firms had six months from entry into force to regularise; those that did not may not accept new audit engagements from companies or funds. |
Article 12 allows the Authority, after an optional warning, to revoke an audit firm's registration or suspend it for up to three months, notifying the Ministry and the local licensing authority, without prejudice to the Commercial Companies Law. Revoked firms may apply to re-register after one year (Article 13). A firm that did not regularise within six months was barred from new company or fund engagements (Article 15).
We meet this decision when a client's company is moving towards a public offering, or when we administer a fund vehicle established in the UAE: the auditor appointed must be on the CMA register, and the three-year rotation in Article 11 has to be planned rather than discovered at the general assembly. We are not an audit firm and are not licensed by the CMA; we check the proposed firm against the register, prepare the board and general assembly resolutions appointing or rotating the auditor, coordinate the engagement letters and independence confirmations, and keep the corporate and accounting records the auditor will need.
| Cites | Former SCA Law |
“Cites” and “Cited by” are built automatically from references in the full texts held in this library; they cover only instruments in the library.
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