• Home
• Financial Services
• News Article

The UAE Ministry of Economy and the DFSA hosted Regional Audit Conference

Dubai, UAE, 29 November 2011: The Dubai Financial Services Authority (DFSA) and the UAE Ministry of Economy jointly hosted the Second Regional Audit Conference entitled "Professional scepticism: raising the bar", last week in Dubai.

Delegates were welcomed by HE Abdullah M Saleh, Governor of the Dubai International Financial Centre (DIFC) and heard key note addresses from HE Yaser Abdalla Amiri, Director General of Financial Audit Department and Member of the Executive Council, Government of Dubai and Mr Paul M Koster, Chief Executive of the DFSA.

HE Abdullah M Saleh, Governor of the DIFC, in his welcome address mentioned: "It is wonderful to see the growing collaboration between government entities on such an important matter that has a direct impact on audit quality and ultimately financial statements. Secondly, this annual conference is reflective of the DFSA's and the Ministry of Economy's dedication to training and development of the auditing profession in the Middle East."

HE Yaser Abdalla Amiri, Director General of Financial Audit Department and Member of the Executive Council, Government of Dubai stated that: "The important issues that are under consideration and discussion at this conference came in a timely manner because we in the UAE are looking forward to put in place rules and principles of corporate governance commensurate with our needs and with the business environment in our region".

The event attracted some 230 delegates from nine countries in the region and internationally. Conference speakers and panelists included Brian Walsh, Member, International Ethics Standards Board for Accountants; George Botic, Deputy Director, Division of Registration and Inspections, Public Company Accounting Oversight Board; Gavin Aspden, Director Qualifications, ICAEW; and Dr Obaid Saif Al Zaabi, Director of Research and Development, UAE Securities and Commodities Authority.

Keynote speakers from global regulatory bodies, industry experts and academia raised issues including:

• Professional scepticism and the public interest - who does the auditor serve?;

• Ethical considerations for accountants;

• The use of financial instruments and their future use in audits; and

• Audit quality and inspections;

Interactive panel discussions with industry experts, regulatory bodies, the Big 4 accounting and audit firms discussed various issues including:

• Providing an industry viewpoint on professional scepticism;

• Lessons learned from the crisis, from a Big 4 perspective;

• Auditing in the small business environment - challenges and developments; and

• The role of regulators in enhancing the professional scepticism of auditors.

The DFSA also highlighted the role of the DFSA and shared recent developments in the DFSA's audit monitoring approach and some key inspection findings.

Mr Paul M Koster, Chief Executive of the DFSA said: "The year-end 2011 may be the most challenging auditors have ever faced. After four consecutive years of the worst financial crisis we have seen since World War II, auditors will have to make very difficult judgment calls requiring and demanding scepticism which is integrally linked to independence and objectivity."

- Ends -

The Dubai Financial Services Authority (DFSA) is the independent regulator of financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), a purpose-built financial free-zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives exchange.

Paul M Koster was appointed Chief Executive of the DFSA on 1 December 2008. Prior to becoming Chief Executive, he was Commissioner and Member of the Executive Board of the Autoriteit Financiële Markten (AFM), the national, integrated conduct of business financial services regulator for the Netherlands, where he was identified as one of the four leaders shaping the conscience of Dutch business. Mr Koster joined the AFM in March 2001 and in addition to his duties as a Commissioner, he chaired, from May 2006 until December 2007, CESR-Fin, the permanent working party of the Committee of European Securities Regulators that co-ordinates the endorsement and enforcement of financial reporting standards in Europe.

For the previous two years he had chaired CESRs Sub-committee on International Standards Endorsement. During his time with the AFM, he was also a Member of the IOSCO Chairs' Committee and, as Chief Executive of the DFSA, he remains actively involved in the work of IOSCO.

Mr Koster previously served as Executive Vice President (Corporate Internal Audit) at Royal Philips Electronics 1998 to 2001; as Managing Partner Corporate Finance, Coopers & Lybrand 1988 to 1998; and as Chief Compliance Officer and Acting Commissioner of Quotations, Amsterdam Stock Exchange 1986 to 1988; and carried out a number of senior finance functions in his earlier career, having trained as an accountant with Arthur Andersen. Mr Koster is a licensed Registered (Chartered) Accountant having qualified through the Royal Dutch Institute of Chartered Accountants in 1977 and certified as a registered auditor in 1983.

In May 2009, Mr Koster joined the Advisory Board of the Emirates Securities and Commodities Authority (SCA), the UAE's federal securities regulator, and in July 2009, he also became a Member of the Consultative Advisory Groups of the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA).

In September 2010, Mr Koster won the 'CEO of the Year for Financial Services' award and was voted one of the most influential expatriates living and working in the region today.

For further information please contact:
Ms Angharad Irving - Jones
Head of Corporate Communications
Dubai Financial Services Authority
Level 13, The Gate
Dubai, U.A.E.
Tel: +971 (0)4 362 1661
Fax: +971 (0)4 362 0801
Email: airvingjones@dfsa.ae
www.dfsa.ae

© Press Release 2011