The audit firm Baker Tilly Middle East Limited has been fined $50,000 (AED 183,600) by Abu Dhabi Global Market's (ADGM) registration authority.
A fine of $12,500 (AED 45,900) was also imposed on the firm's audit principal Neil Andrew Sturgeon.
The penalties were imposed for 'serious failings and gaps' in two financial audit works carried out by Baker Tilly and Sturgeon.
During an inspection, the registration authority found significant failures to adhere to the International Standards on Auditing.
The breaches were identified in multiple areas of the audit process, from planning and execution to completion and reporting.
"High-quality audit is vital for reinforcing trust in financial reporting which allows shareholders, investors and other stakeholders to rely on financial statements to make informed decisions," the authority said in a statement.

UAE fuel prices to drop in February
UAE President reaffirms support for regional security, stability
UAE gifts memorial monument to Kuwait
Sharjah Ruler receives Portugal’s highest cultural honour
8 drivers face legal action in Sharjah for dangerous stunts during rain
UAE, Russian Presidents hold talks in Moscow
Sheikh Theyab reviews progress on Etihad Rail ahead of launch
H.H. Sheikh Hamdan discusses avenues for growth with Kuwait
