Federal Decree by Law No. (41) of 2023  on Regulating the Auditing and Accounting Professions (labour, residency and leberal professions law)

Article (1) 
Definitions  
In applying the provisions of this Decree -Law, the following words and expressions shall 
have the meanings assigned to each of them,  unless the context stipulates otherwise:  
State  : United Arab Emirates.  
Ministry  : Ministry of Economy . 
Minister  : Minister of Economy . 
Authority  : Securities and Commodities Authority . 
Competent 
Authority  : The concerned local authority in each Emirate . 
Profession  : Auditing and Accounting Professions.  
Chartered 
Accountant  : The natural person duly licensed pursuant to the provisions of this Decree- Law to practice the profession and p
rovide the 
professional services stipulated in article (4) of this Decree -Law.  
Licensing Office  : An establishment duly licensed to practice the profession in  
Federal Decree by Law of 2023 on Regulating the Auditing and Accounting Professions  2 
 accordance with the provisions stipulated herein.  
Final License  : A certificate granted by the Ministry to a natural or legal person 
meeting the licensing conditions stipulated in this Decree -Law or 
its executive regulations, licensing them to practice the profession 
within the State.  
Economic License  : A license grante d by the competent authority for economic 
licensing, authorizing the accounting firm to engage in the 
licensed activity within the Emirate.  
Profession 
Standards  : Professional standards adopted by the Ministry for practicing the profession.  
Other Confirm ation 
Services  : Services a chartered accountant or accounting firm is licensed to perform concerning financial statements, aiming to provide 
guarantees to external parties regarding financial information 
or to verify compliance with accounting standards, financial 
rules, and internal controls of economic establishments. These 
services include, but not limited to, internal audit services and 
advisory reports related to financial monitoring, reliability of 
electronic information systems, financial risk assessment, and 
other services falling within the ambit of professional standards approved by the Ministry.  
Professional Compliance Committee  : 
The committee formed pursuant to article (22) of this 
Decree- Law.

Article (2)  
Decree -Law Objectives  
This Decree -Law aims to:  
1. Regulate the accounting and auditing profession and practise thereof within the State;  
2. Enhance the efficiency of services and tasks associated with the profession, fostering increased confidence among the business community and investors investing therein; and   
Federal Decree by Law of 2023 on Regulating the Auditing and Accounting Professions  3 
 3. Govern the accountability mechanisms for professionals in the event they are  
substantiated to have engaged in or contributed to practices harmful to the business 
community.

Article (3) 
 Scope of Application  
1. The provisions of this Decree -Law shall apply to the following:  
a. Chartered accountants and accounting firms practising the profession within the 
State; and  
b. Chartered accountants and accounting firms in free zones who wish to practice the profession outside the free zones within the State.  
2. The provisions set forth in this Decree -Law shall not apply to government audit  tasks 
conducted by government oversight and accounting bodies, including their employees, 
when exercising powers thereof over government agencies, companies, and institutions 
subject to the oversight of those bodies in accordance with their respective est ablishment 
laws.

Article (4) 
Scope of Profession  
The scope of the profession includes auditing and reviewing financial statements, as well as 
other confirmation services and services related to the associated financial statements, all of 
which adhere to the standards endorsed by the Ministry.

Article (5) 
Competences of the Ministry  
For the purposes of implementing the provisions of this Decree -Law, the Ministry shall 
undertake the following competences:  
1. Regulate the profession and granting professional licence to professionals thereof;  
2. Establish and approve standards for the profession, review them, and work to develop  
Federal Decree by Law of 2023 on Regulating the Auditing and Accounting Professions  4 
 them, approve associate degree programmes related to the profession, and ensure the 
integrity and efficiency of professional test s related to these certificates;  
3. Identify the entities whose programmes are accredited by the Ministry, along with the certificates related to the profession issued thereby;  
4. Monitor and inspect professionals and accounting firms and prepare reports o n them in 
accordance with the stipulations of the executive regulations of this Decree -Law;  
5. Refer the violations attributed to professionals and contained in the oversight and inspection reports prepared by the Ministry, along with the complaints, repor ts, and judicial 
rulings received, to the Ministry Professional Compliance Committee for review and determination of suitable decisions;  
6. Educate professionals and accounting firm about the key bulletins, periodicals, and studies pertinent to the profess ion;  
7. Develop the profession work mechanisms in coordination with the relevant authorities in the State;  
8. Participate in local and international events and conferences related to the profession; 
and  
9. Any other competences assigned to the Ministry in accordance with laws, regulations and 
Cabinet resolutions.  
  
Chapter Two  
Profession Practice and Licensing

Article (6)  
Profession Practice  
1. No natural or legal person may practice the profession, or provide any of work or services 
pertained thereto, wit hin the State, unless they have obtained the licences stipulated in the 
Decree- Law in subject and the Executive Regulation thereof;  
2. The chartered accountant shall practice the profession within the State according to the following stipulations:  
a. Separ ately through their own firm; or  
b. Working for an accounting firm or branch of a foreign accounting firm, licensed in  
Federal Decree by Law of 2023 on Regulating the Auditing and Accounting Professions  5 
 the State.  
3. The accounting firm shall practice the profession within the State according to one of the 
following legal forms:  
A pr ofessional company consisting of two or more chartered accountants;  
a. A professional company owned by one or more chartered accountants and in 
partnership of an international accounting firm;  
b. Branch of a foreign accounting firm; or  
c. Any other form de termined by the Executive Regulation of this Decree -Law.  
4. The executive regulations of this Decree -Law shall determine the provisions regulating 
and conditions for licensing each of the forms referred to in this article; and  
5. The accounting firm shall have its own name that includes evidence of the activity thereof, 
which shall not conflict with the controls on economic names determined by the legislation 
in force in the State.

Article (7) 
Profession Practice Pledge  
After obtaining the professional license from the Ministry and before commencing the work, 
the chartered accountant is required to submit a written pledge to the Ministry, asserting 
that the accountant shall "perform the work with utmost honesty and integrity, uphold the 
laws of the state, preserve the integrity of the profession, and adhere to its established 
traditions and ethics. Furthermore, the chartered accountant the chartered accountant shall 
comply with the approved standards and regulations of the profession within the State. 
They shall not disclose the clients confidential information or any data entrusted thereto in 
the course of their work, except as mandated by applicable laws and regulations, in accordance with the procedures determined by the Ministry."

Article (8) 
Professio nal Licence  
1. Any individual aspiring to practice the profession within the State shall submit an application to the Ministry for the acquisition of a professional licence, following the  
Federal Decree by Law of 2023 on Regulating the Auditing and Accounting Professions  6 
 mechanisms endorsed by the Ministry. The executive regulations of this Decree -Law shall 
specify the various types of professional licences, along with conditions, prerequisites, and 
duration thereof, as well as provisions pertaining to their issuance and renewal  
2. The title "Chartered Accountant" may not be used except after obtaining a professional 
licence from the Ministry.

Article (9) 
Amending Professional Licence Data  
The chartered accountant or accounting firm shall notify the Ministry and the competent authority – as the case may be – of every amendment or  change that occurs to the 
professional licence data, within (30) thirty days from the date of the amendment or change. The executive regulations of this Decree -Law shall specify the conditions and manner of 
notification, including the necessary accompanying documents to be submitted along with it.

Article (10) 
Temporary Suspension of Professional Licence  
1. A chartered accountant or accounting firm encountering circumstances that impede the practice of the profession shall promptly submit a request to te mporarily suspend the issued 
professional licence to the Ministry. This request shall be made within thirty (30) days from 
the identification of the impediment.  
2. Upon resolution of the impediment, the chartered accountant may submit a request to the 
Ministry to lift the temporary suspension of their professional licence.  
3. The executive regulations of this Decree -Law specify the conditions, procedures, and 
periods related to the temporary suspension of professional licensing and the mechanisms 
for liftin g it. 
 
 
   
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Article (11) 
Revocation of Professional Licence  
1. Professional licence shall be revoked in the following cases:  
a. Death of the chartered accountant;  
b. Failure to renew the licence within the period specified in the Exec utive Regulations 
of this Decree -Law;  
c. Loss of any of the licensing requirements specified in the Executive Regulations of 
this Decree- Law;  
d. Upon the chartered accountant request;  
e. Based on a request submitted by the firm owners collectively or throu gh legal 
representative thereof;  
f. By a court order or by decision of the Professional Compliance Committee;  
g. Issuance of a final judicial ruling declaring the bankruptcy of the accounting firm; or  
h. Any other cases determined by the Executive Regulati on of this Decree -Law.  
2. The Executive Regulations of this Decree -Law shall specify the procedures for the 
revocation of the professional licence and the obligations to be fulfilled by the chartered 
accountant or accounting firm in the event of the licenc e revocation; and  
3. The Ministry shall, at the expense of the accounting firm, publish an announcement of the 
revocation of the professional licence issued to the firm, through publication means 
approved thereby.

Article (12) 
Restoration of the licence after revocation  
1. A person whose professional licence has been revoked may, after a period of at least one 
year from the date of revocation, apply to the Ministry for a new professional licence in 
accordance with the provisions of this Decree -Law and exe cutive regulations thereof.  
2. A person, whose professional licence has been revoked by a decision of the Professional 
Compliance Committee, may apply to the Ministry after a period of (5) five years from the 
date of the revocation decision to obtain a new  professional licence. The Minister or 
representative thereof may approve or reject the request based on the reasons for the  
Federal Decree by Law of 2023 on Regulating the Auditing and Accounting Professions  8 
 previous revocation decision.  
3. An individual whose professional licence has been revoked by a court order may not seek 
licence re storation.

Article (13) 
Merger and Acquisition  
Subject to the laws in force in the State, any accounting firm may merge with another 
accounting firm, or acquire another, after obtaining the prior approval of the Ministry, in 
accordance with the terms and  procedures specified in the Executive Regulations of this 
Decree- Law.

Article (14) 
Economic licence for Accounting Firms  
An accounting firm shall obtain an economic licence before practising activity thereof.  The 
authority competent for economic licences in each emirate shall verify the Ministry approval 
before issuing, amending, or revoking the economic licence for an accounting firm or 
branches thereof.

Article (15) 
The Authority accreditation of Accountin g Firms  
1. An accounting firm may not provide auditing and review services for public joint -stock 
companies and public investment funds, unless it has obtained accreditation from the 
Authority.  
2. Subject to the provisions of clause (1) of this Article and  any other conditions set forth in 
the laws applicable in the State, the accounting firm, assigned by banks, insurance 
companies, investment companies for the account of others, and public joint -stock 
companies in order to audit and review financial statem ents thereof, shall hold a license for 
a minimum period of (5) five years.  
3. The Authority Board of Directors shall approve any regulations, conditions, or fees for the  
Federal Decree by Law of 2023 on Regulating the Auditing and Accounting Professions  9 
 accreditation of accounting firms.  
4. The Authority shall notify the Ministry of the names of the accounting firms accredited 
thereby and of any criminal penalties issued against them or disciplinary penalties imposed 
thereon by the Authority.  
  
Chapter Three  
Professional Obligations and Prohibitions

Article (16)  
Professional Obligations  
1. Without prejudice to the obligations set forth in the laws applicable, a chartered 
accountant shall, in the course of professional practice, adhere by the following:  
a. Exercise the necessary professional care during the performance of work thereof and 
ensure the accuracy and validity of the data contained in the results of work thereof;  
b. Prepare the required reports by themselves or by the employees under supervision 
thereof;  
c. Practise the profession or any of works thereof through an accounting firm or a branch thereof holding a professional licence and economic licence according to the 
provisions of this Decree -Law;  
d. Comply with the provisions of this Decree -Law, Executive R egulations thereof, the 
resolutions issued in their implementation, and any other legislation related to the 
profession; and  
e. Any other obligations set out in the Executive Regulations of this Decree -Law.  
2. The accounting firm shall commit to the follow ing: 
a. Implementing an internal control system that includes the following:  
1. Systems and procedures for compliance with the approved Code of Ethics and Professional Conduct;  
2. Work methodologies and techniques for providing professional services that ensure 
compliance with the approved professional standards;  
3. A quality control system for professional performance compatible with the approved quality control standards of the Ministry;   
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 4. Continuous professional development for employees thereof;  
5. Protection and confidentiality of client data and information;  
6. Availability of a governance structure or system;  
7. Systems and procedures for compliance with anti -money laundering laws in the 
State;  
8. Use of the signature approved by the Ministry for the chartered accountant on the 
reports issued thereby and link name and professional licence number thereof with 
the name and professional licence number of the firm; and  
9. Ensure the safety and health of the professional services provided thereby.  
b. Provide professional liability insurance for the accounting firm and chartered 
accountants thereof, and the accountin g firm shall bear the full cost of the insurance 
premiums;  
c. Provide the Ministry –  whenever requested –  with the reports it issued, as well as the 
documents, records, and supporting working papers, in the manner specified by the 
Ministry;  
d. Provide the Ministry –  whenever requested – with the necessary data about activities 
thereof; and  
e. Inform the Ministry and the competent authorities, as the case may be, about any fraud, money laundering, or suspicion of either revealed thereto during th e 
performance of professional services thereof.

Article (17)  
Professionals Prohibitions  
Without prejudice to the provisions of the applicable laws, the professionals are expressly prohibited from undertaking the following:  
1. Practise the profession bef ore obtaining a professional licence from the Ministry, during 
the temporary suspension of their professional licence, or during suspension thereof by a judicial ruling or by a decision of the committee;  
2. Engage in trade in a manner that conflicts with t he Code of Professional Conduct;  
3. Practise the profession or advertise it in a manner that conflicts with the code of  
Federal Decree by Law of 2023 on Regulating the Auditing and Accounting Professions  11 
 professional conduct and duties, or the laws and regulations applicable in the State. 
Additionally, the professional may not engage in any work that is not in accordance with the 
dignity and traditions of the profession;  
4. Contract for any activities that conflicts with the independence of the chartered 
accountant in activities that requires independence;  
5. Buy securities for a client re ceiving their services, sell such securities either directly or 
indirectly, or offer advice to any party concerning said securities;  
6. Participate in the association or management of an establishment for which the 
professional has previously provided serv ices or has worked in a permanent or temporary 
capacity within the last (2) years from the date of the association or its beginning, whichever 
comes first;  
7. Be a partner or agent of one of the founders, partners, or managers of the establishment 
with which the professional contracts;  
8. Assume the roles of creditor or debtor in relation to the said client, except in instances 
related to the remuneration for the professional services rendered;  
9. Have any transaction or interest with the client or any part y related to the client to whom 
professional services are being provided. This shall include, but not limited to, the chairman 
and members of the board of directors, members of the senior executive management of 
public and private joint -stock companies, co mpanies in which any of these contribute at 
least (30%) of capital thereof, as well as subsidiaries, sister companies, or allies thereof;  
10. Use the status of a chartered accountant when performing professional work that is not 
related to the scope of the profession stipulated in this Decree -Law; and  
11. Any other prohibitions specified by the Executive Regulations of this Decree -Law.

Article (18) 
Confidentiality of Information  
The accounting firm and the chartered accountant may not disclose the secrets of the establishment of which the chartered accountant become aware as a result of professional 
practice thereof, except in the following cases:  
1. Based on the request or consent of the establishment;   
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 2. Pursuant to an order f rom a judicial authority or an official investigative authority;  
3. Upon a request from the Ministry;  
4. If the purpose is to prevent the occurrence of a crime or to report it, in such case, the 
disclosure shall be only to the official competent authority;  
5. If the purpose is to defend itself before an investigative authority or any judicial authority 
and according to the needs of the defence.

Article (19) 
Maintenance of data, documents, and records 
1. Accounting firms shall maintain data, documents, and  records related to contracted 
activities that they have collected, created, processed, and stored, for a period of not less 
than (10) ten years from the date of issuing the report to the client. If these data, documents, 
and records are related to cases p ending before judicial authorities, the aforementioned 
period shall be calculated from the date of the final ruling.  
2. Partners shall be responsible for the maintenance referred to in paragraph (1) of this 
Article in the event of the revocation or suspens ion of the professional licence of the 
accounting firm.  
3. The Executive Regulations of this Decree -Law shall specify the controls and procedures 
necessary for the maintenance of the records, files, and data referred to.  
  
Chapter Four  
Accountability and discipline of professionals

Article (20) 
Disciplinary Penalties  
1. Without prejudice to criminal liability, every acco unting firm or certified public 
accountant who violates the duties of practising the profession, its standards, or the rules of 
conduct and ethics; or violates any obligations; or commits any of the prohibitions stipulated 
in this Decree -Law, its executive  regulations, or the decisions issued in implementation 
thereof; or acts in a manner that degrades the profession, they shall be disciplinary held  
Federal Decree by Law of 2023 on Regulating the Auditing and Accounting Professions  13 
 accountable and one of the following disciplinary penalties shall be imposed on them:  
a. Written warning;  
b. An administrative fine of not less than ( AED 10,000) ten thousand UAE Dirhams and 
not exceeding ( AED 1,000,000) one million UAE Dirhams;  
c. Suspending the professional licence for a period of not less than one month and not 
exceeding three (3) years; or  
d. Professional licence revocation.  
2. The disciplinary penalties stipulated in Clause (1) of this Article may be combined.

Article (21)  
Procedures for holding professionals accountable  
1. The Ministry shall refer violations of the provisions of this Decr ee-Law and its Executive 
Regulations, attributed to professionals as a result of the monitoring and inspection work it 
carries out, or the reports, complaints, and judicial rulings it receives, to the Professional 
Compliance Committee for consideration and  to decide what it deems appropriate regarding 
them.  
2. The Ministry, based on a recommendation of the Professional Compliance Committee, shall inform the competent public prosecutor about the violations committed by the 
accounting firm or chartered accountant that entails a penal crime.  
3. Subject to Clause (2) hereof, disciplinary measures may not be taken against an 
accounting firm or a chartered accountant, if the decision on the alleged violation contingent 
on the issuance of a final judicial ruling on  it. 
4. The voluntary retirement of a chartered accountant shall not preclude the disciplinary 
measures against them for acts committed during the practice of the profession within the 
five (5) years following their retirement.  
5. The Authority shall be re sponsible for investigating the accounting firms certified thereby 
if proven to be in violation of the provisions hereof while providing services to any companies or funds subject to the supervision of the Authority. The Authority Board of 
Directors shall be authorised to approve the imposition of disciplinary penalties stipulated 
herein on those firms and to establish a mechanism for appealing against such penalties.   
Federal Decree by Law of 2023 on Regulating the Auditing and Accounting Professions  14

Article (22)  
Professional Compliance Committee  
1. A committee named the "Professional Compliance Committee" shall be established, by 
ministerial decree, and comprise experts and professionals with expertise in the industry 
and professional compliance. The formation decree shall specify the committee op erational 
framework.  
2. The committee shall:  
a. Examine actions that violate the provisions of this Decree -Law and its executive 
regulations, committed by chartered accountants and accounting firms referred thereto 
by the ministry;  
b. Impose the disciplinary penalties stipulated herein on those found to be in violation 
thereof;  
c. Recommend for the Ministry to notify the competent public prosecution if the violations 
committed by an accounting firm or chartered accountant found involving a criminal 
offence;  
d. Express opinions on the violations of accredited accounting firms that the Authority wishes to seek the Committee feedback on before referring them to the public 
prosecution, in accordance with its legally established jurisdiction;  
e. Any other authorities vested in it by a decision of the Cabinet.

Article (23)  
Grievance against disciplinary penalties  
1. A person who have been subjected to a disciplinary penalty in accordance with the provisions hereof may submit a written reasoned grievance to the M inistry within (10) ten 
working days from the date of notification of the contested disciplinary penalty.  
2. A committee shall be established, by a ministerial decree, to review grievances against disciplinary penalties, presided by a specialised judge sel ected by the Minister of Justice. The 
committee shall comprise four (4) experienced and specialised members chosen by the Minister. The decree shall specify the committee the operational procedures and the 
grievance process before it.   
Federal Decree by Law of 2023 on Regulating the Auditing and Accounting Professions  15 
 3. Decisions of the g rievance committee may be appealed before the competent court of 
appeal within (20) twenty working days from the date of notification of the decision.

Article (24)  
Reporting Crimes in violation of the Provisions Hereof  
Every natural or legal person upon becoming aware of the occurrence of a crime in violation 
of the provisions hereof shall inform the Ministry or the Public Prosecution of that same, as 
the case may be, in accordance with the mechanisms specified by the ex ecutive regulations 
hereof.

Article (25)  
Civil Liability  
A person suffering harm as a result of the work and services of a chartered accountant or 
accounting firm shall be entitled to claim civil compensation for any damages sustained in 
accordance with  the rules and procedures in force under the legislation in force in the State.

Article (26)  
Capacity of Judicial Control Officers  
The employees of the Ministry or Authority, designated by a decision of the Minister of Justice in agreement with the Minister or the Chairman of the Authority, shall have the 
capacity of judicial officers to prove violations of the provisions hereof, its Executive 
Regulations, and the decisions issued in implementation thereof.  
  
Chapter Five  
Penalties

Article (27) 
Without prejudice to any more severe penalty stipulated by other applicable laws, 
individuals found to have committed the following actions shall be subject to a punishment 
involving imprisonment for a period not less than three (3) months, along with a fine  
Federal Decree by Law of 2023 on Regulating the Auditing and Accounting Professions  16 
 ranging from one hundred thousand UAE Dirhams (AED 100,000) to two million UAE  
Dirhams (AED 2,000,000), or imposition of either of these penalties:  
1. Providing incorrect data or forged certificates for the purpose of obtaining a professional 
licence;  
2. Practi sing the profession without having a professional licence in accordance with the 
provisions hereof;  
3. Practising the profession during a period of suspension from practising the profession; or  
4. Authenticating with his signature a report that was not pre pared thereby or by those 
working under supervision thereof.  
Upon conviction, the court may order the revocation of the professional licence or the 
closure of the accounting firm.

Article (28) 
Without prejudice to any more severe penalty stipulated by other applicable laws, 
individuals found to have committed the following actions shall be subject to a punishment 
involving imprisonment for a period of not less than one year and a fine of not les s than 
(AED 300,000) three hundred thousand UAE  Dirhams and not exceeding ( AED 5,000,000) 
five million UAE Dirhams, or by one of these two penalties:  
1. Knowingly authenticating a report that contradicts the truth while engaging in the 
profession by signi ng; 
2. Disclosing the secrets of the establishment acquired thereby while practising the 
profession or because of it; or  
3. Facilitating the commission of any financial crimes involving public funds, seizing the 
money of persons, covering up the perpetrato r, or not reporting the same to the competent 
authorities.  
Upon conviction, the court may order the revocation of the professional licence or the 
closure of the accounting firm.  
  
 
  
Federal Decree by Law of 2023 on Regulating the Auditing and Accounting Professions  17

Article (29) 
Publishing the results, committee decisions, and judicial rulings  
Subject to the applicable laws and regulations, the Ministry shall be entitled to publish, in 
any of the means of publication decided thereby, the results of its work relating to 
monitoring and inspection, the decisions of the committees stipulated herein, as well as the 
final judicial rulings issued against professionals.

Article (30)  
Lawsuits against professionals  
The judicial authorities in the State shall notify the Ministry of the civ il and criminal 
judgments issued against persons practising the profession as a result of their professional activities.  
  
Chapter Six  
Final Provisions

Article (31)  
Profession Development Committee  
The Cabinet, based on a proposal of the Minister, may form a committee to develop the 
profession. The formation decision shall determine members, powers, and work system 
thereof.

Article (32)  
Grievance against a licensing rejection  
1. In the event of rejection of a professional licence application or upon the lapse of twenty 
(20) working days without a response from the Ministry from the date of submission, an 
individual shall have the right to file a written grievance to the Minister or their authorised  
representative within (10) ten working days following the notification of the rejection 
decision or the expiration of the stipulated period.  
2. In the event of a rejection or non- decision of the grievance within (10) ten working days  
Federal Decree by Law of 2023 on Regulating the Auditing and Accounting Professions  18 
 from its submission, the aggrieved party may, within (30) thirty days from the date of being 
notified of the rejection or the expiration of the stipulated period for decision, appeal to the 
competent court.  
3. An appeal case regarding the decision shall not be accepted before the competent court 
except following the completion of grievance procedures stipulated in this article.

Article (33)  
Profession Standards 
The standards of the profession, including the rules of conduct and ethics of the profession, shall be determined b y a decision of the Minister within (6) six months from the effective 
date hereof.

Article (34)  
Emiratisation  
The Cabinet, based on a proposal of the Minister and upon coordination with the competent 
authorities, may determine the percentages of Emiratisation in the accounting firms.

Article (35)  
Complaints pending before the Disciplinary Board 
Cases pending before the Auditor Disciplinary Board established pursuant to Federal Law 
No. (12) of 2014, in which a decision has not been issued by the said Board before the 
effective date hereof, shall be referred to the Professional Compliance Committee for 
consideration and decide as it deems appropriate.

Article (36)  
Reconciliation  
Persons registere d with the Ministry in accordance with the provisions of Federal Law No. 
(12) of 2014 on the Regulation of the Auditing Profession shall reconcile their status in 
accordance with the provisions hereof within a period not exceeding one year as of the date  
Federal Decree by Law of 2023 on Regulating the Auditing and Accounting Professions  19 
 of its publication, and the Cabinet may extend the aforementioned period for the periods it 
determines.

Article (37)  
Fees  
The prescribed fees for implementing the provisions hereof shall be determined by a 
Cabinet resolution based on the Minister recommen dation and the Minister of Finance 
presentation.

Article (38)  
Regulations implementing the Decree- Law  
1. The Cabinet shall issue, based on the Minister proposal, the executive regulations hereof and the necessary decisions to implement the provisions he reof.  
2. The Cabinet, based on a proposal of the Minister, may issue a list with administrative 
penalties for actions that violate the provisions hereof and the executive regulations thereof.

Article (39)  
Repeals  
1. The aforementioned Federal Law No. (12 ) of 2014 shall be repealed, as well as any 
provision that violates or contradicts the provisions of this Decree -Law.  
2. The regulations and decisions issued in implementation of the provisions of Federal Law No. (12) of 2014 regarding regulating the profe ssion of auditors shall continue to be 
implemented until the necessary regulations and decisions are issued to implement the 
provisions of this Decree -Law in a manner that shall not conflict with its provisions.

Article (40)  
Publication and Entry Into F orce of Decree -Law  
This Decree- Law shall be published in the Official Gazette and shall come into force after (6) 
six months from the date of its publication.   
Federal Decree by Law of 2023 on Regulating the Auditing and Accounting Professions  20 
 Mohammed Bin Zayed Al Nahyan  
President of the United Arab Emirates  
 
 
 
 
Issued by Us at the Palace of the Presidency in Abu Dhabi:  
On: 13 Rabi' I 1445 H  
Corresponding to: September 28, 2023