Dubai, May 24, 2006:

The Auditors Business Group, operating under the umbrella of Dubai Chamber of Commerce and Industry, organizes this Saturday, May 27, 2006, the International Accounting Seminar, which falls within the efforts to develop the accountancy as a profession and elevate its services to go with the international economic variations.

Abdurrahman Al-Mutaiwee, DCCI Director General said: "DCCI sponsorship of this seminar organized by the Auditors Business Group comes within the Chamber's commitment to handle the subjects that direct influence the UAE national economy and fall within the framework of the support DCCI delivers to business groups in order to play the role required towards the sectors they represent."

Al-Mutaiwee called on setting up the legal frameworks and legislations that organize the accountancy as a profession in the UAE especially that this profession started to gain the importance in the light of the economic openness, trade and services globalization, requirements for opening the markets to international competition, especially in the field of auditing and financial monitoring that these circumstances oblige the auditors to consult the latest monitoring technologies, be well-versed on the latest versions of accounting criteria and international auditing and be efficiently committed to implement the quality controls in practicing the this profession and its applications, in order for them to be effectively capable of proving their competitiveness and shouldering the professional responsibility.

In context, Abbas, Ali Mirza, Chairman of DCCI's Auditors Group said that an extensive progress had been made towards adopting International Financial Reporting Standards (IFRS) in the UAE over the last couple of years, but this progress was achieved as a result of adopting "best practices" only and not through a legal act, except the banks, as they should follow certain criteria under directives from the central bank.

A number of local and international financial and legal experts will participate in the seminar through delivering and discussing significant presentations related to the seminar in question.        

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© Press Release 2006