Skip to main content

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 office in the Middle East, gives us a great platform on which to offer our expertise and experience to other key stakeholders in the region.

“Audit is one of the corner stones of a transparent financial reporting system and critical for investor confidence. Dubai already has a robust system for monitoring of the firms providing audit services, something which offers further assurance to investors. We look forward to working closely with the DFSA over the next few years.”

The ICAEW has extensive experience in providing the same audit monitoring service in the UK, where it monitors the work of more than 4,500 audit firms, including non-public interest audit work of the Big 4 accountancy firms (Deloitte, Ernst Young, KPMG and PricewaterhouseCoopers). It also has experience in providing this type of service for several other countries across Europe, Asia and Africa, and a longstanding knowledge of the development and adoption of international audit standards.

Source: ICAEW Website

Timberland sale is on. Find out more

Do you like to be updated in Accountancy ?

Click here to get updates by Email in your inbox


Subscribe in a reader

or Follow me on Twitter 

You may also like to read
  3. Adding value to business in global challenging environment


Popular posts from this blog

Learning Curve Theory

Learning Curve Theory is concerned with the idea that when a new job, process or activity commences for the first time it is likely that the workforce involved will not achieve maximum efficiency immediately. Repetition of the task is likely to make the people more confident and knowledgeable and will eventually result in a more efficient and rapid operation. Eventually the learning process will stop after continually repeating the job. As a consequence the time to complete a task will initially decline and then stabilise once efficient working is achieved. The cumulative average time per unit is assumed to decrease by a constant percentage every time that output doubles. Cumulative average time refers to the average time per unit for all units produced so far, from and including the first one made.

Major areas within management accounting where learning curve theory is likely to have consequences and suggest potential limitations of this theory.

Areas of consequence:
A Standard Costing

Resistence to Change - Approaches of Kotter and Schlesinger

The Six (6) Change Approaches of Kotter and Schlesinger is a model to prevent, decrease or minimize resistance to change in organizations.
According to Kotter and Schlesinger (1979), there are four reasons that certain people are resisting change: Parochial self-interest (some people are concerned with the implication of the change for themselves ad how it may effect their own interests, rather than considering the effects for the success of the business)Misunderstanding(communication problems; inadequate information)Low tolerance to change (certain people are very keen on security and stability in their work)Different assessments of the situation (some employees may disagree on the reasons for the change and on the advantages and disadvantages of the change process) Kotter and Schlesinger set out the following six (6) change approaches to deal with this resistance to change: Education and Communication - Where there is a lack…

Throughput Accounting

Throughput accounting (TA) is an alternative to cost accounting proposed by Eliyahu M. Goldratt. It is not based on Standard Costing or Activity Based Costing (ABC). Throughput Accounting is not costing and it does not allocate costs to products and services. It can be viewed as business intelligence for profit maximization. Conceptually throughput accounting seeks to increase the velocity at which products move through an organization by eliminiating bottlenecks within the organization.

Cost (or Management) accounting is an organization's internal method used to measure efficiency. Since no one outside the organization uses such internal accounts for investment or other decisions, any methods that an organization finds helpful can be used.

Throughput accounting improves profit performance with better management decisions by using measurements that more closely reflect the effect of decisions on three critical monetary variables (throughput, inventory, and operating expense — defin…