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