UAE Announces New Code of ethics for Accountants and Auditors

UAE Announces - New Code of ethics - Code of ethics - Accountants - Auditors - Taxscan

In accordance with the guidelines published by the International Ethical Standards Board for Accountants ( IESBA ), the Abu Dhabi Accountability Authority ( ADAA ) announced the approval of a “Code of Ethics”.

For the purpose of identifying the subject entities to which the rules of public interest entities apply, the Code of Ethics offers additional explanations of accounting standards.

The new code of ethics that will be applicable to accountants and financial statement auditors in Abu Dhabi.

The statement was made as the annual board meeting, which is presently taking place from March 13 to 17, was hosted in Abu Dhabi for the first time ever in the Middle East. From December 31 forward, accountants and auditors of financial accounts will be subject to the Code’s adoption.

All of the guidelines and extra standards from the 2022 Handbook of the International Code of Ethics for Professional Accountants will be completely adopted.

Wael Abdul Qader, Acting Head of Monitoring and Auditing Sector at ADAA, said: “We announce the full adoption of the standards set by the International Ethics Standards Board for Accountants. It will be applied by subject entities’ Statutory Auditors to elevate audit quality and uphold the principles of transparency, integrity and accountability.”

Because the financial report is so significant to professionals and decision-makers in the emirate, international standards adhere to the moral laws and fundamental ideas in the field, including integrity, objectivity, efficiency, professionalism, due diligence, confidentiality, and professional conduct.

Further it also emphasises how fundamental it is for accountants and auditors to preserve non-conflict of interest and objectivity while preparing data and presenting it in conformity with international norms and procedures.

The Code of Ethics will act as a guide for professional accounting and auditing to prevent misconduct in financial report preparation, resolving legal and regulatory violations, accepting gifts, as well as the independence of auditing and auditing procedures, and auditing independence.

The International Ethical Standards Board for Accountants is a renowned independent organisation that is at the leading edge of creating ethical standards for accountants.

In order to preserve uniformity in norms and techniques in the preparation and confidential element of reporting around the world, its strong IESBA Code of Ethics comprises a rigorous set of standards, including requirements for auditor independence.

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