Professional Documents
Culture Documents
Form GEN1
Application for registration as an
auditor
Name of applicant
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Contents
This form consists of seven sections:
1.
2.
3.
4.
5.
6.
7.
8.
Defined terms are identified throughout this form by the capitalisation of the initial letter of a word or
phrase and are defined in the Glossary module (GLO) of the DFSAs Rulebook.
Questions must be fully answered and the use of abbreviations should be avoided.
Do not leave any questions blank if a question is not applicable this should be indicated in the
response section.
Answers must be typed and the form must be signed by a Director/Partner and the Anti Money
Laundering Officer (if different).
Please ensure any supporting documentation is clearly labelled and securely attached.
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1.2
(Note: The office and postal addresses will be the addresses used for service of notices and correspondence. If the
audit firm does not have a U.A.E. address then it will be asked to supply a U.A.E. address where service can be effected)
1.3
1.4
1.5
1.6
1.7
1.8
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Please provide details of any adviser engaged by the audit firm to assist with the preparation
and ongoing support of this application.
Name of the adviser engaged by
the audit firm
Relevant contact person within
the adviser
Contact address
Telephone/Fax number:
E-mail address
1.10
1.11
Note:
Please attach a copy of the applicants certificate of incorporation/company registration/partnership
agreement (as applicable). If in the process of being formed, please state in formation
1.12
1.13 Background and history of audit firm (if insufficient space please attach additional sheets)
1.14 Please detail the resources to be used to conduct DFSA audits (i.e. human and technological
resources, including number of staff, partners, professional staff and other resources, as applicable).
(If insufficient space please attach additional sheets)
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1.15 Please provide your firms approach to ensuring continuing professional development provided for
employees including audit principals (if insufficient space please attach additional sheets)
1.16
Please list the names and details of the Partners / Directors of the audit firm who will be the Audit
Principals for audits of DFSA Authorised Firms and Authorised Market Institutions that are Domestic
Firms or Domestic Funds. (Rule 8.9.3 of Gen requires that Audit Principals as a minimum hold a
Recognised Professional Qualification; have at least 5 years of relevant audit experience of the last
7 years and be a current member in good standing of a Recognised Professional Body)
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If insufficient space or more Audit Principals will be involved please attach a separate appendix or
additional sheets as necessary.
1.17 Please provide details of professional indemnity insurance
Before registration, the audit firm will need to demonstrate that it holds adequate professional
indemnity insurance covering, amongst other things, fraud committed by the audit firms employees.
Please attach a copy of the audit firms insurance certificate or cover note.
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1.19 Do the audit firms systems, procedures and controls ensure compliance with the International
Standards on Auditing (ISAs) as issued by IAASB of IFAC (or where applicable Auditing Standards
for Islamic Financial Institutions as issued by AAOIFI)? (Please provide a copy of the firms systems,
procedures and controls. If these are integrated into its internal IT systems then please provide a
summary of how the systems, procedures and controls comply with the IASs or ASIFOs). The DFSA
may wish to inspect the IT systems to verify compliance)
Yes
No
If No, please provide details of where systems, procedures and controls do not comply.
1.20 Does the audit firms system of quality control operate to meet the requirements as set out under
International Standard on Quality Control (ISQC) 1? (Please provide a copy of the firms current
quality control policies and procedures. If the firms quality control policies and procedures are
integrated into its internal IT systems please provide a summary of how the policies and procedures
comply with International Standard on Quality Control (ISQC) 1. The DFSA may wish to inspect the
IT systems to verify compliance)
Yes
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No
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1.21 Does the audit firm have in place adequate systems, procedures and controls to ensure due
compliance with the Code of Ethics for Professional Accountants issued by the Ethics Standards
Board for Accountants (or where applicable the Code of Ethics for Accounting and Auditors for
Islamic Financial Institutions issued by AAOIFI)? Please provide a copy of the firms current systems,
procedures and controls.Note: If the firms systems, procedures and controls are integrated into its
internal IT systems please provide a summary of how the systems, procedures and controls comply
with the Code of Ethics. The DFSA may wish to inspect the IT systems to verify compliance]
Yes
No
If No, please provide details of where systems, procedures and controls do not comply.
1.22 Do you have a letter of intent (see below) from one of your proposed clients who is or is an applicant
to be licensed by the DFSA as a Domestic Authorised Firm, Domestic Authorised Market Institution
or a Domestic Fund?
Yes
No
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Please attach the audit firm's Anti Money Laundering (AML) policies, procedures, systems
and controls. These must be specific to its DIFC activities and comply with the ASP AML
Rules of the DFSA including an overview of the audit firms anti Money Laundering function,
staffing levels, responsibilities and reporting lines. The audit firms procedures should
include, amongst other things, arrangements to:
a) ensure compliance with the UAE Law No.4 and any other relevant UAE federal laws;
b) monitor for, detect and report suspicious customers and Transactions; Note: Audit firms
should ensure the procedures comply with the requirement for Suspicious Transaction
Reports (STRs) to be made in the required format to the Anti Money Laundering Suspicious
Cases Unit (AMLSCU), and a copy provided to the DFSA. Details of the required format of
the report and details for submission can be found on the DFSA website;
c) establish and verify the identity of the customer and any other person on whose behalf the
customer is acting, including that of the beneficial owner; unless exception applies (6.5)
d) provide an audit trail of STRs;
e) determine the duties and obligations of its Anti Money Laundering Officer (AMLO);
f) review the effectiveness of its AML policies, procedures, systems and controls at least
annually;
g) respond to any request for information made by competent U.A.E. authorities or the DFSA;
h) maintain AML relevant documents and records;
i) ensure that it obtains and makes use of findings in relation to names of persons, groups,
organisations or entities, or any other body where suspicion of Money laundering or terrorist
financing exists; Be mindful of Government; regulatory and international findings
j) assess its risks in relation to money laundering and to perform enhanced due diligence
investigations for higher risk products, services and customers;
k) determine whether a customer is a Politically Exposed Person (PEP);
l) establish and maintain an AML training programme and awareness arrangements; and
m) ensure compliance with any other obligation in the DFSA's ASP module.
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2.2.7
Residential address
2.2.8
2.2.9
2.2.10
Contact details
Telephone
Fax
E-mail
2.2.11
What steps will be taken by the audit firm to ensure that the AMLO will be fully aware of his or
her duties and be able to carry out these duties effectively? Please provide details.
2.2.12
Do another jurisdiction's laws or Regulations prevent or inhibit the audit firm from complying
with the U.A.E. Law No.4 or the DFSA Rules?
Yes
No
Note: Should such an event arise in the future audit firms are obliged to notify DFSA in writing promptly
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(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
(x)
(xi)
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No
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(xii)
If you have answered Yes to any questions, please provide appropriate details of the matter below.
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(ii)
(iii)
(iv)
(v)
(vi)
No
If you have answered Yes to any questions, please provide appropriate details of the matter below.
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Authority (DIFCA)
The provision of certain information by the DFSA to the DIFCA under the following consent will assist the
DIFCA in exercising its functions and powers. It is not mandatory to provide consent and should you not
wish to provide consent, we ask that you consider keeping the DIFCA informed of the progress of your
application.
I consent
/ I do not consent
1.
The fact of the filing of this application, together with the name of the applicant;
2.
The fact (if applicable) that this application is still being reviewed by the DFSA; and
3.
The outcome of this application. An outcome may include a decision by the DFSA to approve this
application, in principle or otherwise, or to reject the application or the withdrawal of the application.
6. DECLARATION
6.1 Declaration by the audit firm (senior partner or equivalent)
6.1.1 I declare that, to the best of my knowledge and belief, having made due enquiry, the information
given in this form is complete and correct. I understand that it is an offence under Article 66 of the
Regulatory Law 2004 to provide to the DFSA any information which is false, misleading or deceptive
or to conceal information where the concealment of such information is likely to mislead or deceive
the DFSA.
6.1.2 I declare my understanding that the DFSA may request more detailed information (including but not
limited to, personal, educational, employment and financial information) should it be deemed
necessary to adequately assess the fitness and propriety of the firm or any person connected to the
firm. I consent to the DFSA contacting any previous employers, educational institutions,
professional organisations or any other organisation, to verify any information contained in this form.
6.1.3 I declare that the firm, the Audit Principals and its Employees are fit and proper to perform the audit
services.
6.1.4 I confirm that I have the authority to make this application, to declare as specified above and sign
this form for, or on behalf of, the applicant. I also confirm that I have the authority to give the
consent specified above.
6.1.5
For the purposes of complying with DIFC Data Protection Law 2007, I understand that any
Personal Data provided to the DFSA will be used to discharge its regulatory functions under the
Regulatory Law 2004 and other relevant legislation and may be disclosed to third parties for those
purposes.
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Name of a Director/Partner
/
Signature of a Director/Partner
Date
/
Signature of the AMLO if not signed above
7.
Date
Fees
Applications will not be processed until the relevant fee is paid in full to the DFSA. Details of the application
fees are contained in the Fees module of the DFSA Rulebook.
Please make the payment by Bank transfer in US Dollars to the account listed below. Cheques or bank
drafts will not be accepted.
Account name
Account number
020-683751-100
Bank details
Swift code
BBMEAEAD
Reference to be quoted
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8. ATTACHMENTS
Section
Document
Attached?
1.10
N/A
1.7
N/A
1.22
N/A
1.18
Copy of findings
N/A
1.19
N/A
1.20
N/A
1.21
N/A
2.1
N/A
2.2.5
Copy(ies) of passport(s)
N/A
2.2.6
N/A
2.2.6
N/A
N/A
N/A
Other
Please list
N/A
N/A
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