The Registration Authority of the Abu Dhabi Global Market (ADGM) has issued fines totaling $100,000 against PKF Accountants and Business Advisers LLP and its lead auditor, Saranga Omprakash Lalwani. This disciplinary action follows a regulatory inspection that uncovered major lapses in the firm’s auditing processes. Specifically, the firm was fined $65,000, while Lalwani was ordered to pay $35,000 after authorities determined that their work failed to align with International Standards on Auditing and the center's 2023 regulations.

Investigators highlighted critical shortcomings, noting that the firm neglected to conduct proper fraud risk assessments and failed to gather the necessary evidence to support their audit findings. Furthermore, documentation was found to be inadequate, and there was insufficient proof regarding Lalwani’s personal involvement in overseeing the engagement. In response to these findings, the ADGM reaffirmed its commitment to rigorous oversight, warning that all registered auditors must uphold the highest levels of professional skill and diligence to maintain the integrity of the financial center's reporting standards.