05 December 2011
MUSCAT: Central Bank of Oman Executive President Hamoud bin Sangour Al Zadjali on Sunday called on the Gulf Cooperation Council (GCC) states to unify auditing and accounting standards to avoid fraud and other malpractices within the financial system.
"We need to increase cooperation in accounting and auditing fields to protect (the financial sector) from international financial crisis," Sangour told delegates of a conference.
Addressing the Sixth Forum of the Accounting and Auditing Firms and in the GCC countries, Sangour said there has been a continuous coordination between the central banks in GCC countries for aligning all the rules, regulations and standards in supervising banking sector. "There is a continuous exchange of information and experience between GCC central banks," added the central bank chief.
Referring to measures to prevent fraud in the financial system, he said, "It is very difficult to eliminate fraud. We have to take steps to prevent it. Preventive measures are required from everybody to ensure that their systems, procedures and staff are well-educated and prepared to detect any fraudulent activity. They should be vigilant in their day-to-day operations." Know-you-customer (KYC) procedure will ensure that every transaction is genuine and chances of fraud are less.
Khalil bin Abdullah Al Khonji, Chairman of Oman chamber of Commerce and Industry (OCCI), said that accounting and auditing standards have developed in the Gulf region in the recent past. He emphasised on strengthening cooperation among GCC countries for developing skills. The sixth forum of accounting and auditing was conducted in Oman for the first time. Professional skill is necessary for enhancing profit. Many countries have this facility and they earn much profit from it.
Salem Kasibi, another audit professional, said that there should be effective measures to unify rules and standards among GCC states. There should be active cooperation between the members for smooth implementation of new procedures. The forum was organised by GCC Audit and Accounts Organisation (GCCAAO) in cooperation with OCCI.
Several experts from World Bank and International Accounting Standards presented papers on developments in auditing and accounting standards at the forum, which will conclude today.
*Devika M. Sethu is a freelance journalist based in Muscat
MUSCAT: Central Bank of Oman Executive President Hamoud bin Sangour Al Zadjali on Sunday called on the Gulf Cooperation Council (GCC) states to unify auditing and accounting standards to avoid fraud and other malpractices within the financial system.
"We need to increase cooperation in accounting and auditing fields to protect (the financial sector) from international financial crisis," Sangour told delegates of a conference.
Addressing the Sixth Forum of the Accounting and Auditing Firms and in the GCC countries, Sangour said there has been a continuous coordination between the central banks in GCC countries for aligning all the rules, regulations and standards in supervising banking sector. "There is a continuous exchange of information and experience between GCC central banks," added the central bank chief.
Referring to measures to prevent fraud in the financial system, he said, "It is very difficult to eliminate fraud. We have to take steps to prevent it. Preventive measures are required from everybody to ensure that their systems, procedures and staff are well-educated and prepared to detect any fraudulent activity. They should be vigilant in their day-to-day operations." Know-you-customer (KYC) procedure will ensure that every transaction is genuine and chances of fraud are less.
Khalil bin Abdullah Al Khonji, Chairman of Oman chamber of Commerce and Industry (OCCI), said that accounting and auditing standards have developed in the Gulf region in the recent past. He emphasised on strengthening cooperation among GCC countries for developing skills. The sixth forum of accounting and auditing was conducted in Oman for the first time. Professional skill is necessary for enhancing profit. Many countries have this facility and they earn much profit from it.
Salem Kasibi, another audit professional, said that there should be effective measures to unify rules and standards among GCC states. There should be active cooperation between the members for smooth implementation of new procedures. The forum was organised by GCC Audit and Accounts Organisation (GCCAAO) in cooperation with OCCI.
Several experts from World Bank and International Accounting Standards presented papers on developments in auditing and accounting standards at the forum, which will conclude today.
*Devika M. Sethu is a freelance journalist based in Muscat
© Times of Oman 2011
