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.