Global failures put pressure on local auditors

Auditing and chartered accountancy firms in the UAE are under pressure to prepare more accurate account books for clients and detect every financial irregularity.

         

 Jolted by the failure of high-profile global financial institutions, such as Lehman Brothers, and multi-billion-dollar frauds like the Ponzi scheme of Bernard Mad off, the auditing sector in the country says its clients – especially banks and other financial institutions – have started insisting on greater scrutiny of deals and asset values.
           And at stake is not just the security of their clients – the audit firms themselves are facing perhaps the greatest challenge ever to their credibility. The big four of global auditing – Pricewaterhouse Coopers (PwC), KPMG, Ernst & Young and Deloitte – are all present in the UAE and declined to comment when contacted by Emirates Business.  View more…,

                This pressure on local auditors leads to enhancement in the accuracy and facts in the books of accounts. Thus, this strictness on the local auditors will be proven highly succeeded towards the growth of the company as we all know that, skillful auditors are necessary for the leading company. This pressure affects positively or quite negatively both to the  auditing firms inDubai.