The Institute of Chartered Accountants of England and Wales (ICAEW) and the Gulf Cooperation Council Accounting and Auditing Organization (GCCAAO) have signed an agreement to promote audit quality standards in the region.
The agreement is intended to invigorate the profession in the GCC countries by developing a programme to monitor audit quality across United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait.
ICAEW will help set up a monitoring framework and a so called Gulf Monitoring Unit tasked with the application of international standards on auditing in each GCC country.
ICAEW executive director Vernon Soare said audit quality underpins market confidence "through vigilance and transparency" being pivotal to ensure the region’s prosperity.
In a statement the organisation said their joint work will cover the design of the monitoring framework and unit, as well as its implementation and continuing support.
"Ultimately, the ability to do business rests on the confidence placed in the accountancy profession, which is why ICAEW is committed to supporting the profession across the Middle East," ICAEW Middle East regional director Peter Beynon said.
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