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Monday, 22 March 2010

Ernst and Young ‘fully stands by’ Damas audit report

The Dubai Financial Services Authority (DFSA) yesterday ordered Damas International to replace Ernst and Young as its external auditor.

In addition to replacing the board of directors, including the Abdullah brothers, Damas agreed to “substitute its external auditor with another auditor acceptable to the board and the DFSA”, the regulator said.

Ernst and Young said that its last audit of financial statements for the period ending March 31 2009 “appropriately disclosed all amounts owed by the Abdullah Brothers to the extent that they were outstanding at the balance sheet date”.