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EAAA
8 Hours, 28-29 Feb 2024, 10:00 AM-2:00 PM
Economic legislation The profession of auditors in the United Arab Emirates ( Federal- Decree Law No. 41 of 2023 regulating the accounting and auditing profession )

Objectives of this training program

The UAE has issued a new law regulating the auditing and accounting professions, aimed at improving audit standards in the UAE, and to enhance business confidence in the standard of auditing and accounting services provided. This is a key development in the UAE’s regulatory framework which follows several high-profile corporate governance scandals in recent years (both in the region and globally) and reflects the UAE’s commitment to improving corporate governance standards and AML, This training course is designed to discuss the main issues in comparison with the previous laws and regulations regulating the audit profession in the UAE, and it will include “not limited” to the followings:

1.      Federal – Decree Law No. 41 of 2023 concerning Regulating Accountancy and Audit Profession.

2.      Federal Law No. 12 of 2014 and as amended, Concerning Regulating Audit Profession, Its Executive Regulations, and the decisions issued in its implementations thereof.

3.      Federal Law No. 22 of 1995 and as amended, Concerning Regulating Audit Profession, Its Executive Regulations, and the decisions issued in its implementations thereof.

4.      Federal- Decree Law no. 32 of 2021 Concerning the Commercial Companies (Provisions Related to the Auditors)

5.      Code of Ethics of the Audit Profession

 

Topics to be covered:

1.      Introduction

2.      Application the law

3.      The other professional services

4.      The term “Chartered Accountants”

5.      Ownership of Accounting and Audit Firms

6.      Legal forms

7.      Internal Procedures and compliance

8.      Audit Reports – Updated Signing Requirements

9.      Related Parties and Conflicts

10.  Treatment of Confidential Information

11.  Document Retention Period

12.  Civil Liability to Third Parties

13.  Disciplinary and Penal Sanctions

14.  Professional Indemnity Insurance

15.  Notification of Legal Proceedings

16.  Conclusion, remarks and recommendations

17.  Criteria for Classifying and Ranking of Auditors

18.  Discussion

 

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Objectives of this training program

The UAE has issued a new law regulating the auditing and accounting professions, aimed at improving audit standards in the UAE, and to enhance business confidence in the standard of auditing and accounting services provided. This is a key development in the UAE’s regulatory framework which follows several high-profile corporate governance scandals in recent years (both in the region and globally) and reflects the UAE’s commitment to improving corporate governance standards and AML, This training course is designed to discuss the main issues in comparison with the previous laws and regulations regulating the audit profession in the UAE, and it will include “not limited” to the followings:

1.      Federal – Decree Law No. 41 of 2023 concerning Regulating Accountancy and Audit Profession.

2.      Federal Law No. 12 of 2014 and as amended, Concerning Regulating Audit Profession, Its Executive Regulations, and the decisions issued in its implementations thereof.

3.      Federal Law No. 22 of 1995 and as amended, Concerning Regulating Audit Profession, Its Executive Regulations, and the decisions issued in its implementations thereof.

4.      Federal- Decree Law no. 32 of 2021 Concerning the Commercial Companies (Provisions Related to the Auditors)

5.      Code of Ethics of the Audit Profession

 

Topics to be covered:

1.      Introduction

2.      Application the law

3.      The other professional services

4.      The term “Chartered Accountants”

5.      Ownership of Accounting and Audit Firms

6.      Legal forms

7.      Internal Procedures and compliance

8.      Audit Reports – Updated Signing Requirements

9.      Related Parties and Conflicts

10.  Treatment of Confidential Information

11.  Document Retention Period

12.  Civil Liability to Third Parties

13.  Disciplinary and Penal Sanctions

14.  Professional Indemnity Insurance

15.  Notification of Legal Proceedings

16.  Conclusion, remarks and recommendations

17.  Criteria for Classifying and Ranking of Auditors

18.  Discussion