Dubai FSA imposes its largest ever fine on an auditor 

Mark Battersby
clock • 3 min read

The Dubai Financial Services Authority (DFSA) has imposed fines of $1.5m (AED5.5m) on KPMG LLP and $500,000 (AED1.8m) on Milind Navalkar a former KPMG LLP audit partner and DFSA registered audit principal. In a statement on 3 November, the DFSA said this was the largest fine it had ever imposed on an auditor. The DFSA had published its decisions relating to KPMG LLP and Mr Navalkar in October 2022. Both KPMG LLP and Mr Navalkar referred the DFSA's decisions for review by the Financial Markets Tribunal (FMT), an independent appeal tribunal. But KPMG LLP and Mr Navalkar have since wi...

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