The Dubai Financial Services Authority (DFSA), along with the UAE Accountants & Auditors Association (AAA) and the International Ethics Standards Board for Accountants (IESBA) hosted a Middle East webinar on non-assurance services (NAS) and fee-related revisions to the IESBA Code.
“The recently released NAS and fee-related revisions to the IESBA Code represent a major advance in the public interest by establishing an even higher bar for standards of independence required of auditors globally, especially in relation to audits of public interest entities,” said Dr. Stavros Thomadakis, Chairman of the IESBA. “I applaud the DFSA, the AAA, and their leadership for hosting an important and timely webinar on these critically important final pronouncements.”
In his welcome address, F. Christopher Calabia, Chief Executive of the DFSA, highlighted the growth of the Dubai International Financial Centre (DIFC) amid challenging times and the importance of ethics. “Maintaining the highest ethical standards is a core value of the DFSA and is fundamental to ensure the integrity of financial and ancillary services in or from the DIFC. Auditors play an integral role and these revisions to the IESBA Code will strengthen independence requirements for auditors.”
IESBA Deputy Chair Caroline Lee and Technical Advisor David G. Clark presented revisions to the NAS and fee-related provisions of the IESBA Code which significantly strengthen the guardrails around auditor independence.
“I am very pleased that AAA has partnered with the IESBA and DFSA to bring this important webinar to the UAE and the Middle East. NAS and fee-related provisions are significant amendments to the IESBA Code which all professional accountants must comply with. AAA will continue to play its vital role as the UAE’s national accountancy body,” said His Excellency Riyad Al Mubarak, Honorary President of AAA.
More than 200 professional accountants from 28 countries attended the event. Considering the safety and wellbeing of all participants, this event was hosted virtually.
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