UAE Internal Auditors Association invites firms to take part in global award

Also announces winning rights to host International Conference of Auditors in Dubai

The UAE Internal Auditors Association (UAE-IAA) has announced the launch of global best practice award, inviting governments and private entities to submit applications.

The ‘Global Best Practice in Internal Audit Award’ is aimed at acknowledging internal audit departments of the local and regional entities that go extra mile to implement practices and standards to ensure effective and efficient performances when compared to other organisations.

The award is open for local, regional and foreign multinationals, government entities and small and medium enterprises.

Categorised into three categories Governance & Risk Controls, IT & Cybercrime and Fraud, the final date for the submission is October 22, 2015 and the winners will be announced on December 6-7 in Dubai at a forum organised by the Association. Read More

Members of the UAE Internal Auditors Association are going to arrange roadshows in UAE and other neighbouring countries for creating awareness about the best practices of internal audits. This will definitely prove helpful for people to select a best internal auditing firm for their growing businesses.

UAE accountants among highest paid in GCC

Certified professionals earn 50% more in salary than those without accreditation

Dubai:  If you work in the field of accountancy in the UAE and have the right qualifications, the financial rewards can be great.

Accounting professionals in the UAE who have a certification from a professional body are among the highest paid in the Middle East region, with annual salary levels averaging at $61,768 (Dh226,846) or roughly Dh18,900 a month, according to a new survey conducted by the Institute of Management Accountants (IMA).

The average annual total compensation for these finance professionals is even higher, at $72,082 (Dh264,724) or a little over Dh22,000 per month. IMA is an organization with more than 70,000 members that provides the Certified Management Accountant (CMA) certification. Read more 

According to a survey which also conducts 1033 members of IMA has declared that UAE ranks 2^nd in the area in terms of remuneration levels, after Qatar. Hanady Khalife, IMA director of operations for the Middle East and Africa region have belief that accountants with most attractive pay has brings a revolution for the accounting industry in UAE.

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.

Future of auditing in UAE discussed at roundtable

The Future of the Audit, a roundtable gathering focused on how the auditing industry is prepared to meet the evolving needs of the United Arab Emirates (UAE) economy, recently was held in Abu Dhabi and Dubai.

Organized by the international assurance and advisory firm Grant Thornton and the Association of Chartered Certified Accountants (ACCA), the event was attended by some of the largest leading businesses in the UAE. Attendees noted that the role of auditing must include a "trusted adviser" approach whereby the auditor becomes a strategic partner. Read more

Now the new challenges are introduced for the future of auditing in UAE which includes technology, moving from old financial statements to coordinate reporting and the fact that one standard report won't meet the requirements of all the various. Grant Thornton and the Association of Chartered Certified Accountants (ACCA) has launched this event for rising the economy of UAE and for developing the standards of auditing firms in UAE.

The future of Audit is set to transform in the UAE, leading way to change say Grant Thornton and ACCA

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.

MOVES-Standard Chartered audit head to become UAE chief executive

DUBAI, July 27 (Reuters) - Standard Chartered has picked Julian Wynter, group head of internal audit, as United Arab Emirates chief executive, two sources told Reuters on Monday.

Wynter is likely to take charge in August after the departure of current UAE Chief Executive Mohsin Nathani, who resigned from the bank in April, said one of the sources.

A spokesman for the bank declined to comment, saying the appointment of Nathani's replacement had yet to be announced internally.

Wynter is currently group head of internal audit but was previously chief executive and managing director of the bank's Malaysia business. Read More

Now the Chief executive has plans to change the fortunes of Standard Chartered, which is usually facing problems from U.S regulators for misconduct, plunging commodities prices and a weakened trading environment. Now we can say that new audit head will helps in growth UAE audit companies through introducing new reforms.

Now, a special investment channel for the UAE

After 'Japan Plus' and 'Korea Plus', the government is mulling another separate investment desk exclusively for funds flowing in from the Arab Sheikhdom, to tap the latter’s $800-billion sovereign wealth fund. This is in addition to the UAE-India Infrastructure Investment Fund which Prime Minister Narendra Modi said would be set up with a corpus of $75 billion.

The government has not made the time-period explicit over which this $75 billion will be spread. The amount is meant to be utilised in developing railways, ports, roads, airports and industrial corridors and parks across India.  Over the past 15 years, the UAE has invested only $3 billion, accounting for a paltry 1.2 per cent of the country’s total foreign direct investment inflows of $249 billion.

“These are just feel-good numbers. Where is the capacity to absorb such numbers? We need to have a systematic change in terms of rules and regulatory measures to be able to attract such investments. Read More

According to the Joint Statement of India-UAE, both countries will seek forward towards the growth of bilateral trade by 60% in 2020. Now UAE becomes India’s third largest trade partner accounting for 8%. This Change will definitely prove helpful for improving accounting standards in both countries.