KPMG

KPMG

Withdrawal of Request for Review of DFSA Fines

KPMG LLP and a former audit principal have decided to withdraw their request for a review of fines imposed by the Dubai Financial Services Authority (DFSA). The penalties were initially issued in June 2021 but were only made public last month. This decision marks a significant development in the ongoing regulatory issues faced by the global accounting firm.

Implications of the Decision

The withdrawal of the review request indicates a shift in strategy for KPMG and its former audit principal. It suggests that they may be looking to put this issue behind them and move forward. However, the DFSA fines and the circumstances surrounding them are likely to have lasting repercussions for the firm and the individuals involved. It remains to be seen how this decision will impact KPMG's reputation and business operations in the region.