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The Dubai Financial Services Authority (DFSA) has published a Thematic Review report on Audit Working Papers Archiving and Retention, examining how Registered Auditors performing audits of regulated entities in the Dubai international Financial Centre (DIFC) manage audit documentation, archiving, and retention.
This review is part of the DFSA’s broader strategy to foster a well-regulated, transparent, and trusted financial environment in the DIFC – one that supports informed decision-making and sustainable growth.
Audit Working Papers form the backbone of audit quality – they serve as the evidence supporting the auditors’ reports and, ultimately, the trust that stakeholders place in audited financial statements. Missing, altered, or compromised Working Papers can undermine audit integrity and expose firms to legal, regulatory, and reputational risks.
The report found that while most Registered Auditors have established relevant policies and procedures, deficiencies remain in several areas – notably around timely archiving, system controls, and post-archiving audit trail integrity.
With electronic Working Papers now mandatory in the DIFC, firms must ensure their systems meet international auditing standards.
As part of the DFSA’s supervisory approach, regulatory actions were taken where serious non-compliance was observed, reinforcing the importance of audit integrity and quality management.
The DFSA encourages all Registered Auditors, other audit firms, regulators and other stakeholders to review the report and assess the relevance of the findings, good practices, and required actions to their systems of quality management, and implement appropriate measures where necessary.
Access the full report: click here.
