| 17 Mar 2010 |
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ICAEW teams up with the Dubai Financial Services Authority to debate audit monitoring
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On Wednesday 17 March, the ICAEW jointly organised a breakfast event in the heart of Dubai's financial district, the Dubai International Financial CentreDubai International Financial Centre
(DIFCDIFC), with the Dubai Financial Services AuthorityDubai Financial Services Authority (DFSADFSA) to offer a briefing on the role of audit monitoring in improving the quality of, and confidence in, financial information.Speakers at the event included Paul Koster, DFSADFSA Chief Executive; Vernon Soare, Executive Director Professional Standards, ICAEW; Austin Rudman, Partner, Ernst & Young Bahrain, Dr Obaid Saif Hamad Al Zaabi, Director of Research and Awareness, Securities and Commodities Authority and Yass Alkafaji, Associate Professor of Accounting, American University of Sharjah. The briefing, which was attended by approximately 70 representatives of the regional accountancy and auditing industry, was followed by a Q&A session.
The ICAEW has 17 years of monitoring experience from the UK, where it monitors the work of more than 4,000 audit registered firms. Since last year, it has been contracted by the DFSADFSA
, which is the independent regulator of one of the fastest growing capital markets in the world, to assist in the monitoring of DFSADFSA-registered audit firms in the DIFCDIFC.Speaking at the event, Vernon Soare, ICAEW's Executive Director, Professional Standards said:
"Effective audit monitoring raises the profile of audit quality in the profession and encourages high standards of audit. It is an important ingredient in building confidence in financial information and can also help promote good corporate governance.
Amanda Line, Regional Director, ICAEW Middle East, said:
"The DFSADFSA is a leading regulator in the Middle East and a very important stakeholder for the accounting and auditing profession. We are very pleased to be working with them on events that allows for key topics within the profession to be debated in addition to working with them on technical matters."
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Notes to editors1. As a world leading professional accountancy body, the ICAEW provides leadership and practical support to over 134,000 members in more than 160 countries, working with Government, regulators and industry in order to ensure the highest standards are maintained.
Our members provide financial knowledge and guidance based on the highest technical and ethical standards. They are trained to challenge people and organisations to think and act differently, to provide clarity and rigour, and so help create and sustain prosperity. The ICAEW ensures these skills are constantly developed, recognised and valued.
Because of us, people can do business with confidence.
2. The ICAEW is a founding member of the Global Accounting Alliance with over 775,000 members worldwide.
For more information, please contact:
Preeti Chhatbar
Hill & Knowlton
tel +9714 33 44 930
email preeti.chhatbar@hillandknowlton.com
Kirstina Reitan
ICAEW press office
tel +44 (0)207 920 8607
email kirstina.reitan@icaew.com
© Press Release 2010
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