1/13/2020 0 Comments
Summay of UAE auditing Law - Assignment Example his paper intends to provide a rich review on the elements that encompass the United Arab Emirates auditing law in regard to the organization of the auditing profession. The Law has it chapters each containing a number of articles therein. Each chapter handles one perspective explicitly the first chapter has only one article the main thing herein is the definition of terms therein used or referred in the law. Chapter two is on the schedule of auditors and qualifications for entry therein. The following get stipulated in this chapter the function of the ministry in regard to the scheduling of auditors, mechanisms to prevent quacks from entering the industry, the rights of a member and the qualifications, the exception of nationals from the qualification of having a bachelor degree in a recognized university as stipulated, in clause five of article four, conditions for registration and registration of a qualified but inexperienced national, conditions for a non-national to be registered, the method of auditors training, and function of the ministry in the determination of remunerations for parties involved in the training Chapter three expounds on the application process for one to be a registered auditing practitioner, the enactment and operation of the committee responsible for the application process, and the role of the ministry of Economics and Commerce in the integration of the whole application process. Chapter four provides a layout of the formation, the constitution and authorities of a high audit commission in regard to the directions of the ministry therein concerned (Alexander, 2002). Chapter five tackles the rights and duties of individuals registered to be auditing practitioners. Under this chapter auditor own the right to audit and approve balance sheets of all organizations, right to observe and maintain professional ethics, right not to be involved in active participation of any cooperation or organization, must have more than five years
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