DIFC Hosts Seminar Organised by the International Federation of Accountants

Seminar Addresses New Developments in International Auditing and Ethics Standards

The Dubai International Financial Centre (DIFC) today played host to a seminar organised by the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) - independent standard-setting bodies of the International Federation of Accountants (IFAC), the leading global organisation for the accountancy profession.

Titled “New Developments in International Auditing and Ethics Standards”, the seminar discussed key issues facing the accounting profession, including fair value accounting, ethics, corporate governance, and the importance of international convergence. Officials from the Dubai International Financial Centre (DIFC), The World Bank, World Federation of Exchanges, and the CFA Institute, Dubai Financial Services Authority (DFSA), spoke at the event.  Members of the IAASB and IESBA also updated participants on their recent standard-setting activities.

The IAASB and IESBA are international bodies established by IFAC as part of its mission to protect the public interest by encouraging high-quality practices by accountants across the world. While the IAASB sets standards for auditing, review and other assurance-related services, the IESBA develops ethical standards and guidance for professional accountants.

Earlier, the IAASB and the IESBA held the semi-annual meetings of their Consultative Advisory Groups in Dubai from 9 to 11 March, 2009. IFAC’s consultative advisory groups (CAGs) are comprised of member organisations interested in the development and maintenance of high-quality international standards on ethics, quality control, audits, reviews, other assurance engagements and related services designed to serve the public interest. The membership maintains a balance of geographical representation as well as between regulators, international organisations, users and preparers.

Nasser Al Shaali, CEO of the DIFC Authority said: “The organisation of the CAG meetings of the IAASB and IESBA in DIFC reflects Dubai’s rising profile as a leading global financial hub. DIFC supports the global accountancy community’s efforts to promote high standards of financial reporting and auditing, which are a critical part of effective corporate governance. Over the past few years, we have launched several initiatives to develop corporate governance in the Middle East and North Africa and as part of this, we are keen to work with organisations like IFAC to build accounting and auditing systems in the region.”
David Damant, Chair of the IAASB CAG, remarked: “A fundamental principle of both the CAGs and the Boards is broad geographic representation and stakeholder participation. We are, therefore, pleased to not only hold these meetings in Dubai, but also reach out to our stakeholders in the region through the seminar. The Dubai International Financial Centre has been a valuable resource in supporting IFAC’s efforts in this regard.”

IFAC has 157 member bodies and associates in 122 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academia. The organisation, through its independent standard-setting boards, establishes international standards on ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.
For more information on IFAC and its activities, visit www.ifac.org.

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