Dubai, United Arab Emirates- 16 August 2015 / (ME NewsWire) — 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 organisation, which will also allow the committee to recognise 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.
The UAE is fast becoming a leading economy recognised the world over for exceeding expectations and innovating the future. What needs to be done within audit to ensure the needs of growing businesses are met and that the current standard auditing approach of delivering financial statements is reformed?
The audience stated that the role of auditing needs to encompass a ‘trusted advisor’ approach whereby the auditor becomes a strategic partner to further unlock their growth potential and solve any complex issues which may arise.
Some of the challenges identified for the future of audit was the use of technology and is this fit for purpose as the profession evolves. This included moving from historical financial statements to integrated reporting. The participants also stated that at present audit is trying to be all things to all people but there is a risk that one standard report doesn’t meet the needs of all the different stakeholders and there could be a requirement for different reports for different purposes. There is also the challenges of increasingly complex businesses and the ability of the audit functions and providers to keep up with those changes.
The insightful discussion led the way to a futuristic view of audit and a whitepaper launched today from Grant Thornton and ACCA about the shared key perspectives from the roundtable, which found that the future of audit within the UAE is set to change.
To view the whitepaper visit http://www.grantthornton.ae/content/files/the-changing-role-of-audit-uae-perspective.pdf
Notes to editors
“Grant Thornton” refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton International Ltd (GTIL) and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions.
Grant Thornton International is one of the world’s leading organisations of independently owned and managed accounting and consulting firms. These firms provide assurance, tax and specialist advisory services to privately held businesses and public interest entities.
Clients of member and correspondent firms can access the knowledge and experience of more than 40,000 staff in over 130 countries and consistently receive a distinctive, high quality and personalised service wherever they choose to do business. Grant Thornton International strives to speak about issues that matter to businesses, and which are in the wider public interest.
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. It offers business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
ACCA supports its 178,000 members and 455,000 students in 181 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 92 offices and centres and more than 7,110 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artificial barriers, innovating its qualifications and delivery to meet the diverse needs of trainee professionals and their employers. More information is here: www.accaglobal.com
*Source: ME NewsWire
The press release can now be viewed online:
ACCA Middle East