Dubai - Grant Thornton, a leading
international assurance and advisory firm and the Association of Chartered
Certified Accountants (ACCA), the leading global professional accountancy body
hosted a number of key influencers in Dubai and Abu Dhabi at an event titled
"The Future of Audit", which set out to find how the audit
environment is set to change to meet the evolving needs of the UAE economy.
The UAE has a diverse economy which is challenging
international markets, but what does this mean for companies and their audited
financial statements? What regulations and legislations are taking place
globally and locally further promoting change within the industry? These are
some of the questions that the audience addressed during the insightful discussion
that was attended by some of the largest leading businesses in the UAE.
The roundtable found that the independence and
strength of the audit committee is key and that the overall strategy of the
business should be digested to further drive the way forward for the benefit of
the organization, which will also allow the committee to recognize any lapses
in control. The audience also touched on the practical challenges of the
upcoming long form report with regulators looking to hold awareness sessions to
address this concern. Read
more
Now the UAE is becoming number one economy identified by the world over for exceptional expectations and
innovating the longer term.
People of UAE have a mindset that an auditor is the most trustworthy person who
helps their companies to increase their financial growth and solve any complex
issue which may arise. It could be a great challenge for auditing firms in UAE to improve their standards.
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