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 announcement comes as the ICAEW opens its Middle East regional office in the Dubai International Financial Centre (DIFC).
The DFSA is the independent regulator of one of the fastest growing capital markets in the world, and delivers world-class regulation in the 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.
Amanda Line, ICAEW Middle East Regional Director, said: "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 which offers further assurance to investors and is important for Dubai's continued growth as an internationally competitive financial centre.
"In taking on this contract, we look forward to working closely with the DFSA and assisting them in the supervision of audit firms over the next few years. Through our regional office in the DIFC we hope to share the ICAEW's experience and expertise more widely and work with local stakeholders across the Middle East."
The ICAEW has extensive experience in providing the same audit monitoring service both from the UK, where it monitors the work of more than 4,500 audit firms, including the Big 4 accountancy firms (Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers), and from other countries across Europe, Asia and Africa. It also has longstanding knowledge of the development and adoption of international audit standards.
The ICAEW regional office, located in the DIFC was officially opened with a reception at the British Embassy Gardens, Dubai, on 8 December. It is headed up by ICAEW Middle East Regional Director Amanda Line.
Having an office in the region will allow the ICAEW to work more closely with local stakeholders and offer better support to the increasing number of members and students in the Middle East. The office will cover the following countries: Bahrain, Egypt, Iran, Iraq, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia and the UAE.
The ICAEW has more than 800 members with the ACA qualification in the Middle East. Around 650 are based in the GCC, of which 420 are located in the UAE.
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About the ICAEW
As a world leading professional accountancy body, the Institute of Chartered Accountants in England and Wales (ICAEW) provides leadership and practical support to over 132,000 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.
The ICAEW is a founding member of the Global Accounting Alliance with over 775,000 members worldwide.
About the DFSA
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.
For more information please contact:
Preeti Chhatbar
Hill & Knowlton
tel: +971 4 4055623
email: preeti.chhatbar@hillandknowlton.com
Kirstina Reitan
ICAEW press office
tel: +44 (0)207 920 8607
email: kirstina.reitan@icaew.com.
© Press Release 2009
