Page 18 - 1st Quarter 2023 - Recap

Event Recap

Issue from 01 April 2023 to 30 June 2023 (for private circulation only)

Emerging Standards of Auditing

23 May 2023
rd
The Institute of Chartered Accountants Mr. Abdelrahman Elfeky, Senior and challenges faced in the crypto
of India Dubai Chapter organized an Specialist, Governance and Public markets and highlighted some critical
event titled “Emerging Standards of Policy, provided insights on the various auditing standards and guidance which
Auditing” at Hyatt Regency Dubai services available for branch of foreign govern the audit profession of cryptos.
Creek Heights Hotel, in Dubai on companies local firms and natural
Tuesday, 23rd May 2023. The Institute persons. many of the services have
of Chartered Accountants of India been made e-services to ease the The topic was further deliberated over
Dubai Chapter organized an event titled process of applying and issuing such a panel discussion with panelist Mr.
“Emerging Standards of Auditing” at licenses. Abdullah Saleh Al Hammadi, Director
Hyatt Regency, Dubai Creek Heights of Auditors Department - Minister of
Hotel in Dubai on Tuesday, 23rd May Mr. Emin Mammadov – Partner EY said Economy, Mr. Abdelrahman Elfeky,
2023. that the implementation of a robust
system of quality management is of Senior Specialist, Governance and
The event was graced by the presence utmost importance for professional Public Policy and Ms. Hanan Al
of Mr. Abdullah Saleh Al Hammadi, firms in serving the public interest. Thuwaini, Executive, Studies and
Director of Auditors Department - The International Standard on Quality Research. The panel discussion was
Minister of Economy, being the Chief Management 1 (ISQM1) deals with the moderated by CA Harikishan Rankawat
Guest and Keynote speaker for the professional firm’s responsibilities to - Chairman ICAI Dubai Chapter and CA
event. The historical ties and strong have a system of quality management
partnership binding the UAE and India that provides reasonable assurance Prabhdeep Singh Baweja - Regional
goes back to decades of fruitful co- that the audit and other assurance Director - ICAI Middle East & Africa.
operation and our countries have been engagement reports issued are The esteemed panelist answered a
constructively collaborating on many appropriate; and the firm and its few questions from the members
mutual beneficial areas. personnel fulfill their responsibilities on the subject topic of recognition of
and conduct assurance engagements
CA Ranjeet Kumar Agarwal, Vice- in accordance with professional the CA profession along with audit
President of ICAI, addressed the standards and applicable legal and certification.
gathering by emphasizing on the regulatory requirements.
important role played by the members
of one of the largest professional body The speaker Mr. Vinod Kashyap,
in the UAE. He also mentioned that Director of Audit-NGBD, said Auditing
India is progressing in many ways, Standards are the benchmarks for
at a fast pace and the professionals audit quality and the objectives to be
it produces are not only working for achieved during audit. The new auditing
the betterment of their home country standards issued by International
but also for the development of the Auditing & Assurance Board (IAASB)
economies they live and work in. will help in bringing a significant
Speaking on the issuing of professional improvement in audit quality. Mr.
licensing for practitioners, Kashyap discussed the various issues

01 April 2023 to 30 June 2023 RECAP
1 QUARTER
ST
18 www.icaidubai.org