Complete Guide to VARA Audit in Dubai
Dubai wants to be a world leader in virtual assets. The city works hard to make digital asset trading safe for users and investors. The Dubai government made special VARA rules to support growth and trust in the virtual asset industry. Every company that offers virtual asset services—like advisory or broker dealer work—must follow the VARA rulebook.
A major rule is that all VASPs (Virtual Asset Service Providers) must conduct both internal and external audits. You need to show proof that your business meets the rules. Mubarak Al Ketbi (MAK) Auditing explains the steps, duties, and keys to a successful VARA audit.
Key Points in the VARA Audit Process
Let’s see the main parts of a VARA audit:
- Vulnerability Assessment:
Auditors check your systems for weak points before you add new tools or services. They want to make sure your business is safe from attacks or mistakes. VASPs must use good internal controls and measure how well their systems work. - Cyber Security Compliance:
Auditors test if you follow all VARA cyber security rules. Every business must keep customer data safe. You must use best practices and meet all data protection laws. The audit will review your security and how you protect client info. - Compliance & Risk Management:
Auditors check if your business follows the VARA rulebook. They look at your processes and risk controls. If they find a problem, you must fix it. You have to keep records and be ready to show them to the VARA when asked. - Market Conduct Review:
Auditors also look at your trading and business actions. They check if your company acts with honesty and transparency. They look for anti-money laundering controls and anti-terrorism steps. You must prove you do business the right way.
Main Duties of VASPs During the VARA Audit
VASPs have a big responsibility during the audit. They need to:
- Appoint an independent, qualified auditor,
- Let the auditor test all controls and systems,
- Keep records of all test results,
- Set up strong internal controls and keep checking them,
- Save all documents and make them available for inspection,
- Hold regular audits as the VARA asks,
- Give audit reports to VARA if requested.
How to Ensure a Successful VARA Audit
You can make your audit better if you follow these steps:
- Understand the Rulebook:
Read and learn the full VARA rulebook. Stay up-to-date with new rules so you don’t miss anything. - Check Compliance & Risk:
Look at your compliance systems and risk plans often. Find any weak areas and fix them fast. Keep a record of all checks and changes. - Apply Corrective Actions:
When you spot a problem, take action quickly. Use both quick fixes and long-term improvements. - Keep Records:
Store all reports, results, and audit documents safely. You should be able to show proof any time VARA asks. - Cooperate With Auditors:
Share all data, documents, and reports with your auditor. Work together for a smooth process.
What Can Help? – Mubarak Al Ketbi (MAK) Auditing
When you need to pass a VARA audit, Mubarak Al Ketbi (MAK) Auditing is your trusted partner. Our team can:
- Check your audit readiness,
- Test and improve your controls,
- Review your cyber security,
- Give audit reports that meet every VARA rule,
- Train your staff so you’re always prepared.
When you trust us, you “cover all your bases” and keep your business safe from surprises.
For more information:
- Visit our office: Saraya Avenue Building – Office M-06, Block/A, Al Garhoud – Dubai – United Arab Emirates
- Contact/WhatsApp: +971 50 276 2132
