8. External Auditor

About the External Auditor

Ernst & Young (EY) MENA has been operating in the region since 1923. The headquarters of EY are in London, United Kingdom. It employs more than 395,000 professionals in over 700 offices in more than 150 countries. They provide global services in four main areas: Assurance, Consulting, Tax and Strategy & Transactions. The Group appointed EY as its external auditor on 23 April 2024 i.e., since the second quarter of 2024. During 2024, the external auditor did not provide any services other than reviewing the quarterly financial statements of the Group, auditing the Group consolidated financial statements for year end and providing assurance report on internal controls over financial reporting.

Fees of the audit or the services provided by the external auditor

Name of the firm Ernst & Young (EY) MENA
Number of years lapsed as Group’s external auditor 1 year
Number of years lapsed for auditing of the Group accounts by the same audit partner ‑1 Year
Total audit fees including quarterly review fees for 2024 AED 983,398
Fees and costs of other special services other than auditing financial statements for 2024 AED 231,000
Details and nature of other rendered services A report on the effectiveness of the Internal Control Systems for the preparation of financial statements in accordance with the requirements of the Abu Dhabi Accountability Authority, at a cost of AED 231,000
Statement of other services provided by another external auditor other than the Group’s external auditor during 2024 None

Qualifications that the Group’s auditor included in the interim and annual financial statements

  • Q1, 2024: There are no qualifications included in the auditor’s review report on the Group’s interim consolidated financial statements for the first quarter of 2024, reviewed by Deloitte & Touche (M.E.).
  • Q2, 2024: There are no qualifications included in the auditor’s review report on the Group’s interim consolidated financial statements for the second quarter of 2024.
  • Q3, 2024: There are no qualifications included in the auditor’s review report on the Group’s interim consolidated financial statements for the third quarter of 2024.
  • 2024 Annual Report: The auditor’s report for 2024 has been issued with a clean opinion.