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2023 UPDATE | UAE

2023 UPDATE | UAE

by Starling Insights

Starling Insights Editorial Board

Jun 07, 2023

Compendium

UAE DFSA Culture & Consequences Culture & Conduct Supervision Culture for Regulators AML/CFT International Sanctions Whistleblowing Speaking Up & Speaking Out

Auditors Under Pressure

As is seen throughout this report, auditors globally have faced the same sorts of culture and conduct challenges as have financial institutions in recent past years. As such, they have been confronted by similar calls for greater personal accountability and other reforms. And those calls have come from both above (regulators and investors) and below (staff and clients). This is also true of auditors in the UAE. In September, ten senior partners from KPMG’s Dubai office sent an email to KPMG International Chair Bill Thomas and several other top global franchise executives, imploring them to suspend the firm’s local leadership in the Gulf. The email cited nepotism, cronyism, and a culture of fear perpetuated by UAE Chief Executive Nader Haffar.1

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