GCCAAO and ICAEW sign audit quality agreement

THE ICAEW has signed an agreement with the Gulf Co-operation Council Accounting and Auditing Organisation (GCCAAO) to develop an audit quality monitoring programme.

The programme is aimed at Gulf co-operation countries known as the GCC and includes Arab states such as Kuwait, Qatar and Saudi Arabia.

The UK institute will assist the GCCAAO in creating the programme and will also offer advice and support on the creation of a Gulf Monitoring Unit which will monitor the application of international standards. The ICAEW has been asked to draw on its recruitment and regulation expertise in creating the monitoring framework.

ICAEW executive director Vernon Soare said: "The Middle East is one of the most rapidly developing regions in the world economically, and stands at the centre of global trade and investment. Audit quality has a huge role to play in underpinning market confidence, through vigilance and transparency both within countries and across national borders.

"ICAEW applauds GCCAAO for all of its efforts to ensure the GCC countries have the highest possible audit quality - which we believe is critical to ensuring the region's continued prosperity - and is proud to be supporting their vital work."

The institute's regional director for the middle-east Peter Beynon added that the ability to do business rests on the confidence of the accountancy profession - something the ICAEW was committed to supporting in that region.

The agreement was signed at a GCCAAO annual forum. In attendance was GCCAAO chairman Mohammed Salih Al-Obailan, ICAEW executive director Vernon Soare and UAE Minister of Economy his excellency Sultan bin Saeed Al Mansouri.