FRA raises audit cap for external auditors to five investment funds

The Financial Regulatory Authority has raised the audit cap for external auditors, allowing them to oversee up to five investment funds at once, up from the previous limit of three. This decision, led by chair Islam Azzam, aims to enhance the capacity and efficiency of external auditors in managing multiple funds. The move is significant as it reflects a broader regulatory shift to accommodate the growing complexity of investment fund management in the region, potentially boosting investor confidence and streamlining audit processes.