{
  "id": 13051461,
  "title": "Audit firm fined $100,000 by Abu Dhabi's ADGM regulator",
  "url": "https://urgent.news/2026/10/09/audit-firm-fined-100-000-by-abu-dhabis-adgm-regulator",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-09T06:47:17.000Z",
  "source": {
    "name": "The National Business",
    "slug": "the-national-business",
    "url": "https://www.thenationalnews.com/business/money/2026/10/09/audit-firm-fined-100000-by-abu-dhabis-adgm-regulator/"
  },
  "original_language": "en",
  "account": "The Registration Authority of Abu Dhabi Global Market (ADGM) has fined an audit firm, PKF Accountants and Business Advisers, along with its registered audit principal, Saranga Lalwani, a total of $100,000 for regulatory breaches in Abu Dhabi's financial center. This penalty was handed down after an on-site inspection conducted by ADGM to evaluate PKF's adherence to ADGM's auditor rules and the quality of their audit work. The inspection uncovered significant deficiencies in an audit performed by PKF and Ms Lalwani for an ADGM-registered entity, which included failing to follow International Standards on Auditing (ISA) as per the Companies Regulations (Auditors) Rules 2023. The authority also found that PKF had failed to adequately address the risk of fraud, specifically by rebutting it in the face of management overriding controls, which is not permissible under ISAs. Furthermore, PKF was accused of not assessing fraud risks, obtaining insufficient audit evidence, producing inadequate audit documentation, and lacking evidence of the audit principal's involvement in the audit process. The authority emphasized the importance of robust audit practices and the consequences of non-compliance with regulatory requirements. This action against PKF and Ms Lalwani is part of broader efforts by UAE authorities to maintain the integrity and reliability of the financial system.",
  "summary": "The Registration Authority of ADGM has imposed fines totalling $100,000 on an audit firm at Abu Dhabi's financial centre over regulatory failings. The action was taken against PKF Accountants and Business Advisers, an ADGM-registered audit firm, and its registered audit principal, Saranga Lalwani, the authority said in a statement on Friday. It has imposed a fine of $65,000 on PKF and $35,000 on…",
  "key_points": [
    "PKF Accountants and Business Advisers fined $100,000 by ADGM.",
    "Audit principal Saranga Lalwani also penalized for regulatory breaches.",
    "Insufficient audit evidence and fraud risk management issues cited."
  ],
  "editors_take": "The fine against PKF Accountants and Business Advisers and its audit principal underscores ADGM's strict enforcement of auditor regulations to maintain the integrity of Abu Dhabi's financial system.",
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "The National UAE",
        "title": "Audit firm fined $100,000 by Abu Dhabi's ADGM regulator",
        "url": "https://urgent.news/2026/10/09/audit-firm-fined-100-000-by-abu-dhabis-adgm-regulator-13051953",
        "published": "2026-10-09T06:47:17.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}