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UAE auditors form joint action task force as financial reporting gets tougher

United Arab Emirates: Monday, October 01 - 2012 @ 12:29

Abbas Ali Mirza, Chairman of Auditors Group of the Dubai Chamber, was elected unanimously the convener of the seven major accounting and audit associations to spearhead this joint initiative.

The move comes at a time when financial reporting is coming under renewed focus in corporate world to prevent fraud and loopholes in the system. Accountants sometimes come under undue pressure to alter financial reports to hide facts.

In a corporate world dominated by greed and competition, accountants are sometimes used as tools to distort facts to show inflated figures to gain undue advantage of a company over competition. Sometimes these are driven by pressure to keep stock prices of companies at higher level.

“The launch of a joint working group is expected to provide a common platform for tackling important matters of common interest that are critical issues for several thousand members of the seven associations accounting bodies operating in the UAE,” Abbas Ali Mirza stated.

The audit associations and accounting bodies that are part of this joint working group were represented by: Saif Bin Abed Al Muhairi, Chairman of the UAE Accountants and Auditors Association (AAA), S. Venkatesh, Chairman of the Institute of Chartered Accountants of India, Dubai chapter, Abbas Ali Mirza, Chairman of Auditors Group of the Dubai Chamber, Peter Beynon, Regional Director of the Institute of Chartered Accountants in England and Wales (ICAEW), UK, Stuart Dunlop, Head of Middle East of the Association of Chartered and Certified Accountants (ACCA), UK, Khalid Mahmood, President of the Institute of Chartered Accountants of Pakistan, Dubai Chapter, and R. Venkatraman, Board member of the Institute of Internal Auditors (IIA), Dubai Chapter.

Saif Bin Abed Al Muhairi, Chairman of the UAE Accountants and Auditors Association (AAA), stated, “We are very hopeful that this joint working group can easily take upon itself, amongst several important issues, important tasks such as assisting the local authorities in the UAE to set up the much-awaited Institute of Chartered Accountants of the UAE, which I am certain will be a welcome move and will be well received by all.”

S. Venkatesh, Chairman of the Institute of Chartered Accountants of India, Dubai Chapter, said, “We expect this to be a ‘win-win’ situation for all the associations and accounting bodies that have agreed to be part of this joint working arrangement. There are a number of areas where we can hope to co-operate with each other.. This is a move in the right direction and I am sure it will greatly facilitate the joint activities of the various accounting bodies. Our Institution looks forward to working with the other associations and accounting bodies that are part of this joint initiative.”

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Monday, October 1- 2012 @ 12:29 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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