The Dubai Financial Services Authority (DFSA) joined 21 of the world’s leading regulators of auditors in an agreement to increase co-operation with the oversight of audit professionals.

DFSA Chief Executive, Mr Ian Johnston, signed the International Forum of Independent Audit Regulators’ (IFIAR) Multilateral Memorandum of Understanding (MMoU), during the IFIAR Plenary Meeting in Tokyo yesterday.

The MMoU aims to encourage and strengthen information sharing and co-operation to offer mutual assistance among IFIAR Members. It was first approved by the IFIAR Membership in June 2015, and follows a rigorous verification process to satisfy the highest standards of co-operation and confidentiality.

Mr Johnston said: “I am pleased to see that the DFSA is among the first regulators to satisfy these new international standards. We have always placed a high priority on co-operation and our ability to share information and assist fellow regulators. In signing this MMoU, we continue to affirm our commitment to international co-operation.

“Audit has become a borderless activity and it is important that audit regulators are able to co-operate seamlessly in a challenging business environment,” Mr Johnston added.