Trusted guidance in a changing landscape
In times when soundbites dominate the headlines, it is often difficult to discern real risk from political froth. Large-scale change has resulted in demands for greater transparency in the banking industry and created deep uncertainties in local and global markets. As a result, the banking industry was forced to address key weaknesses and answer questions about liquidity, risk management and lending capability, as well as how it treats its customers. Many institutions struggled to survive and are focused on building confidence with customers and planning for new challenges. The banking sector is closely linked with the United Arab Emirates’ strategy on competitiveness and growth. In particular, the strategy of the Central Bank of the United Arab Emirates includes enhancing the further regulatory framework whilst fostering innovation in the financial services sector. The United Arab Emirates remains a key financial centre in the region.
BDO has one of the largest banking audit practices outside of the large four firms. We provide non-statutory audit services to a wide range of clients, including leading national financial institutions and global banks, smaller regional banks, as well as new entrants such as challenger banks.
We are experienced in advising on the regulatory, accounting, valuation, systems and control issues facing clients in the retail and wholesale banking industries, as well as other businesses in retail finance, such as peer-to-peer lenders and platforms, debt management companies and FinTechs. Our expertise includes:
- Audit and tax assurance
- Regulatory advisory services
- Advice on obtaining regulatory approval for changes
- Banking license applications
- Due diligence on foreign–owned banks
- Fully outsourced and co-sourced internal audit services
- Systems and control manuals
- Post-implementation systems reviews
- Valuations of financial investments
- IFRS accounting
- Advice on all aspects of financial instrument standards
- Sustainable finance risk management
Our industry leaders across the world remain at the forefront of the conversation, whether by working in the field with clients, participating on regulatory committees, authoring articles on the latest regulations, or speaking at industry conferences.