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Showing posts from December, 2009

ICAEW appointed to assist Dubai regulator in monitoring audit firms

The Institute of Chartered Accountants in England and Wales (ICAEW), a world leader of the accountancy and finance professions, has been contracted by the Dubai Financial Services Authority (DFSA) to assist in the monitoring of DFSA-registered audit firms.

The DFSA is the independent regulator of one of the fastest growing capital markets in the world, and delivers world-class regulation in the Dubai International Financial Centre (DIFC). It is responsible for the oversight of auditors of firms authorised by the DFSA to conduct financial services in the DIFC. This oversight role involves monitoring auditors and their work as well as independent inspection.

Vernon Soare, ICAEW Executive Director, Professional Standards, said:

“Being appointed by the Dubai Financial Services Authority to offer technical assistance in the monitoring of Dubai’s audit firms is a great testament to our technical expertise. The fact that we were awarded this contract at the same time as we are also opening an o…

New Year Resolutions for 2010 Management Accountant

I am looking back at Year 2009 resolution that I had posted on the Management Accountant Blog. The focus had been on social and professional networking with professionals in the industry and keeping up-to-date with the latest happenings.

This year as before has marred with financial scandals, banker's bonuses and recession. So there are new challenges, upgrading of skills and an approach that is solution driven to help the businesses get past the difficult times. A Management Accountant has to be customer focussed to be a most sought out professional in the business.

Few pointers

Listen to your customer:  I often call up the customer support when I have trouble with my mobile phone and the call is connected to a support centre abroad. Sometime when I try to explain my problem but they give me all the bullet points that they can read from the list.  At that point, I have tell the support analyst, did you listen to my problem. I am not looking for what you know, but a solution that wil…

Tier based Accountancy Practice in India - Will it help

Background: Accounting bodies in India are based on UK accounting concept and their governance is more of less similar to the UK bodies.

The public accounting practise in India are mostly driven by compliance audits i.e. certification by accountants in submission of returns / documentation to government / public authorities. Unlike in the UK where the public accountants are more in advisory / outsourcing services rather than audit.

In professions like medicine you will find doctors based on their skills and expertise e.g. General Physician, Heart surgern or optician, ophthalmologist where the patient consult the doctors with right skills and expertise. However similar categorisation does not exist in public practise of accountancy in India.

Public accountants in India like Chartered Accountants / Cost Accountants or Company Secretary can undertake accountancy / audit work for any client irrespective of size of the client ie. small company or large company or partnership or level of exper…