Abu Dhabi Accountability Authority (ADAA), the independent body responsible for ensuring accountability, transparency, and integrity across all Abu Dhabi government entities, has hosted a workshop with delegates from the International Ethics Standards Board for Accountants (IESBA). The Board is primarily responsible for the development of international ethics and independence standards for professional accountants and independent auditors.
The workshop focused on the newly introduced enhancements to the International Independence Standards by IESBA on non-assurance services, fees, and definition of public interest entities and implementation of these developments. Furthermore, delegates from both sides agreed to continue efforts of cooperation and collaboration.
The meeting covered subjects under a variety of topics, including an overview of the IESBA Code, sustainability reporting and assurance, regulatory and standard-setting development, and featured an open discussion on developing a work plan for areas of collaboration.
Speaking at the closing of the event, Acting Head of Audit Sector Mr. Wael Abdul Qader, said that this type of workshop helps to enlighten both parties on the need to stay well-informed of the constant developments in the profession both at global and local level, saying: “Through a collaborative workshop like this we aim to contribute and influence the global efforts of standard setting process, which supports ADAA’s mission of elevating audit quality in the Emirate of Abu Dhabi.”
Caroline Lee, Deputy Chair of the IESBA, said that the IESBA dedicates significant efforts in working with jurisdictions towards adoption of the IESBA Code as it promotes high-quality and consistent ethics and independence standards for professional accountants in all parts of the world. She said, “We appreciate the opportunity to share the IESBA’s latest standard-setting developments and look forward to continued collaboration with the ADAA”