Audit

Internal Audit
& Governance

Independent internal audit and governance advisory for ADGM and DIFC regulated firms — designed around DFSA and FSRA expectations and delivered by experienced practitioners.

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Who This Is For

Built for regulated firms — not generic organisations.

DFSA and FSRA regulated firms — asset managers, fund administrators, broker-dealers, payment service providers and other licensed entities — operate under governance and internal audit obligations that differ significantly from those of non-regulated businesses.

Generic internal audit approaches miss the regulatory dimension entirely. ECOVIS JRB's internal audit and governance work is designed specifically around DFSA and FSRA requirements — giving boards and senior management assurance that is genuinely useful, and that will stand up to regulatory scrutiny.

We work across ADGM and DIFC with asset managers, investment advisors, family offices, fund administrators and fintech firms — at all stages from newly authorised to established operations preparing for regulatory inspection.

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DFSA Regulated Firms — DIFC
Asset managers, broker-dealers, investment advisors, fund administrators, PSPs and insurance firms licensed by the DFSA.
FSRA Regulated Firms — ADGM
Asset managers, investment firms, family offices, fintech and digital asset firms licensed by the FSRA.
Newly Authorised Firms
Firms recently licensed that need to establish their governance and internal audit framework from scratch — properly and from day one.
Firms Preparing for Regulatory Inspection
Established firms approaching a DFSA or FSRA supervisory visit that want independent assurance on their readiness.
Our Services

Internal audit and governance — built for regulated firms.

Four service areas covering the full governance and internal audit needs of ADGM and DIFC regulated firms.

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Internal Audit Programme

A risk-based annual internal audit programme designed around your firm's specific regulatory obligations, risk profile and operational activities — conducted independently and reported to board or audit committee.

  • Annual internal audit plan development
  • Risk-based audit scope and methodology
  • Fieldwork and testing across compliance, operational and financial risk
  • Audit findings and management action tracking
  • Board and audit committee reporting
  • Regulatory file and record reviews
  • IT and systems audit where required
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Governance & Risk Framework Reviews

Independent assessment of your firm's governance arrangements against DFSA and FSRA requirements — covering board oversight, risk appetite, management structure and the effectiveness of your control environment.

  • Board composition and oversight review
  • Risk appetite statement and framework
  • Delegation of authority and segregation of duties
  • Policy and procedure framework review
  • ICARA / ICAAP governance review
  • Senior management responsibilities mapping
  • Benchmarking against DFSA/FSRA expectations

Control Effectiveness Testing

Targeted testing of key controls across your compliance, finance and operational functions — identifying weaknesses before your regulator does, with clear and practical remediation guidance.

  • Compliance controls testing
  • AML/CFT control framework review
  • Financial controls testing
  • Operational risk controls
  • Client onboarding and KYC review
  • Trade surveillance and conflicts review
  • Remediation tracking and follow-up
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Pre-Inspection Readiness Review

A structured independent review of your firm's readiness ahead of a DFSA or FSRA supervisory visit — identifying gaps and providing actionable remediation recommendations before the inspection begins.

  • Regulatory file and record review
  • Governance and control self-assessment
  • Key Individual obligations review
  • Compliance monitoring programme review
  • Previous findings remediation status
  • Management information and reporting review
  • Findings report and remediation roadmap
DFSA
Dubai Financial Services Authority — DIFC regulated firms
FSRA
Financial Services Regulatory Authority — ADGM regulated firms
Asset Managers
Investment advisors, fund managers and family offices
Fintech & PSPs
Payment firms, digital asset platforms and crypto firms
Why ECOVIS JRB

Regulators know us. Boards trust us.

01 —
Regulatory Expertise

We understand DFSA and FSRA governance requirements in depth — not as a side capability but as a core practice area. Our internal audit work is designed to satisfy regulatory expectations, not just tick a box.

02 —
Truly Independent

We are entirely independent of your compliance, legal and management functions. Our findings and opinions are objective — giving your board and audit committee genuine assurance rather than a managed result.

03 —
Practitioner-Led

Our internal audit work is led by experienced practitioners who have worked in regulated financial services firms — not generalist auditors applying a checklist to a financial services context they don't fully understand.

04 —
Proportionate to Your Firm

Internal audit for a 10-person asset manager looks different from internal audit for a 100-person broker-dealer. We design programmes proportionate to your size, complexity and risk profile — not one-size-fits-all.

05 —
Connected to Compliance

Our internal audit team works alongside our outsourced compliance and MLRO teams — giving you a fully integrated assurance picture across both first and third lines of defence.

06 —
Actionable Outputs

Every internal audit report includes clear, prioritised findings, management responses and a practical remediation roadmap — not a list of observations with no clear path forward.

Frequently Asked Questions

Internal audit questions answered.

Do DFSA and FSRA regulated firms need internal audit?
DFSA and FSRA regulated firms are generally required to have appropriate internal audit arrangements as part of their governance obligations. The specific requirement depends on licence category, size and risk profile — but most firms with any operational complexity benefit from a structured internal audit programme that satisfies regulatory expectations. We help design and implement programmes proportionate to your firm.
What is a governance review and what does it cover?
A governance review is an independent assessment of your firm's governance arrangements against DFSA/FSRA requirements and international best practice. It typically covers board composition and oversight, risk appetite and risk management frameworks, senior management responsibilities, internal policies and procedures, delegation of authority, and the effectiveness of your overall control environment. We benchmark your arrangements and provide practical recommendations.
How often should a regulated firm carry out internal audit?
Most regulated firms carry out internal audit on an annual basis at minimum, with the scope determined by a risk-based annual audit plan. Higher-risk firms or those with specific regulatory concerns may benefit from more frequent reviews of particular areas. We work with you to design a programme that is proportionate to your size, risk profile and regulatory obligations.
What is a pre-inspection readiness review?
A pre-inspection readiness review is a structured assessment of your firm's preparedness ahead of a DFSA or FSRA supervisory visit. We independently review your regulatory files, governance arrangements, compliance monitoring programme, Key Individual obligations and the status of any previous findings — identifying gaps and providing a clear remediation roadmap before the regulator arrives.
Can you provide internal audit for a newly authorised firm?
Yes — we frequently work with newly authorised firms to establish their internal audit framework from scratch. For new firms this includes helping design the governance framework, risk appetite statement, internal audit charter and annual audit plan — giving the firm a solid foundation from day one rather than trying to retrofit a framework after the fact.
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