ABU DHABI, 24th October / WAM / The Ministry of Economy has signed a memorandum of understanding with the Securities and Commodities Authority and the Dubai Center for Economic Security with the aim of strengthening the supervision and oversight of auditors working in listed public joint-stock companies. Supporting the development of the audit profession in the country’s financial markets and local investment funds, in accordance with the best international practices followed in this regard.

Undersecretary of the Ministry of Economy His Excellency Abdullah Ahmad Al Saleh, CEO of the Securities and Commodities Authority His Excellency Dr Maryam Buti Al Suwaidi and Executive Director of Dubai Center Faisal Youssef Bin Sulaydeen signed the agreement. For economic security.

His Excellency Al Saleh stressed that the UAE considers the file of auditors highly important due to its important role in regulating and regulating the business sector and improving corporate governance. professional regulations, and increased confidence in the country’s financial and business markets in a manner that supports and supports… its prestigious business position globally.

This Memorandum represents an important step in strengthening joint national efforts to support the oversight of the country’s auditors, helping to develop the audit profession to new, more competitive levels and strengthen the competence. The human skills of the citizen in this profession, as well as the increasing need to train the citizens of the country and attract international skills and expertise.

For her part, Her Excellency Dr. Maryam Buti Al Suwaidi said: “Through this memorandum, we seek to promote joint cooperation to improve the quality of work of auditors in the country in line with international best practices. This is aimed at ensuring the sustainability of listed public joint-stock companies, safeguarding their assets and ensuring their integrity.” Work is impactful. Rapid changes and technological developments are taking place in the country’s economic environment, which requires supervisory and regulatory bodies to keep pace with global challenges and coordinate efforts to improve the integrity and reliability of financial statements issued by companies. In line with the aspirations of our wise government to achieve investor confidence and economic growth and prosperity. .

For his part, His Excellency Faisal Youssef Bin Sulaydeen said: “The memorandum has been signed which aims to improve the supervision and control of auditors of public joint-stock companies and local investment funds. Applying the highest standards of quality and transparency in financial markets and providing a safe and stable investment environment, economic growth and Specifies a framework for mutual cooperation in the development of, and sets the foundations and rules for, coordination between parties to verify the quality of auditors’ work in accordance with international auditing standards and international standards for auditing quality and professional ethics.

He added: “Through this memorandum, we expect to achieve significant improvements in the disclosure and transparency of public joint-stock companies and local investment funds and achieve greater protection for investors and all parties involved. We are taking a decisive step forward to promote integrity and stability in the financial markets, and we reaffirm our commitment.

This memorandum aims to create a joint working group to verify the quality of work of auditors working for public joint-stock companies listed in the country’s financial markets and local investment funds in accordance with international auditing standards, professional conduct and ethics. Extent of compliance with International Financial Reporting Standards and related International Accounting Standards.

The memorandum includes organizing training programs in the financial services sector, auditing accounts, and developing and improving professional and technical levels in the sector from a supervisory and regulatory perspective. Information and data between the signatory parties to the memorandum regarding the auditors’ performance and complaints received regarding violations. To organize conferences, seminars and awareness workshops for auditors to contribute to the achievement of the objectives of the existing principles and memorandum in this regard.

Through the memorandum, the Ministry aims to strengthen the governance and supervision of auditors of companies listed in the country’s financial markets, to increase market stability and confidence of investors, and to create a specific framework related to this supervision that will enhance efficiency and effectiveness. The activities and practices of those institutions will also be shared and harmonised.This is an effort to monitor and review, which will help enhance the reputation of the country’s financial markets and enhance the quality of services provided by professionals.