Abu Dhabi hosts first IFIAR board meeting in Middle East

ABU DHABI, As part of its efforts to improve the quality of financial auditing in the emirate, Abu Dhabi Accountability Authority, ADAA, hosted the board meeting of the International Forum of Independent Audit Regulators, IFIAR.

The meeting took place in Abu Dhabi, on 21-22 January. This is the first time the Middle East has hosted an IFIAR meeting – one of the most important forums of independent auditing globally.

Representatives of regulatory bodies from 16 jurisdictions attended IFIAR. Also part of the agenda was a review of the recommendations of the last meeting, which was held in October 2019. Several topics were discussed, including the forum’s annual report, completion rate of the 2019-2020 operational plan, and the 2020-2021 operational plan. Also deliberated were recommendation papers submitted by the management on ways to improve the forum’s work and enhance the quality of financial statements’ auditing worldwide.

Hamad Al Hurr Al Suwaidi, Chairman of the Abu Dhabi Accountability Authority, said, “This event reaffirms the trust major relevant international bodies place in ADAA. It also underscores ADAA’s commitment to the auditing profession and its keenness to adhere to the highest international standards in preparing financial reports. Furthermore, it is testament to Abu Dhabi’s standing as a global business hub that’s well governed and transparent.”

Al Suwaidi added, “Financial auditing is increasingly important given the rapid economic and technological developments underway in the region and the world. Applying globally-recognised audit and governance standards ensures efficient management of resources, while bolstering sustainability. ADAA is keen to address issues and challenges facing the accounting and financial auditing sector, and seeks solutions to boost these sectors, with prominent international bodies such as IFIAR.”

IFIAR is a non-profit organisation that provides a platform for information sharing on auditing, and promotes collaboration in the auditing profession. IFIARs board comprises of regulators from Australia, Brazil, Canada, Taiwan, France, Germany, Greece, Japan, Netherlands, Singapore, Switzerland, South Africa, Turkey, United Kingdom, United States of America and Abu Dhabi Accountability Authority in the UAE.

Source: Emirates News Agency