Non - Banking Financial

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

The req. of Tech. structure & info. security systems for hosting providers
Untitled Document

Establishment of this forum dates back to 2006. On March 3rd, 2009, there were 31 members representing supervisory entities in all Europe, the United States of America, and some Asian countries. As for the Middle East, only two countries joined: Egypt as represented by the FRA and the United Arab Emirates as represented by Abu Dhabi Agency for Accounting and Dubai capital market.

The forum aims at cooperation and supervision in the field of control of quality of auditors and development of general rules to be internationally agreed upon to examine the quality of these works.

On March 30th, 2009, the membership of the FRA’s unit for control of quality of auditors’ operations was accepted as an independent control entity supervising the quality of the work of auditors of public companies listed in the International Forum of Independent Audit Regulators (IFIAR).

There was a majority vote approving accession of the Authority after ensuring that membership conditions are met, i.e.:

  • An existing mechanism for ensuring that public companies auditors have required qualifications prior to their registration in the Authority records
  • An existing mechanism for following up on how far auditors maintain their professional skills and if they keep posted about what professional associations issue in terms of standards and guides.
  • An existing mechanism for delisting or suspending an auditor from auditing registered or public companies.
  • An existing mechanism for verifying independency of auditors
  • The board should operate for the public good by providing an atmosphere of trust in the quality of auditors of public companies; it should be independent from those who practice the profession
  • The board should work on providing a mechanism for periodic inspection to assure the quality of works of auditors whether director or in cooperation with other organizations that work on assurance of quality of work of auditors.
  • The board must have powers to lay charges on auditors in violation of audit standards and rules of registration.