Page 27 - AGM Report 2024

ANNUALREPORT 2023|24

Emerging Standards of Auditing - 23 May 2023
rd

The Institute of Chartered Accountants Mr. Abdelrahman Elfeky, Senior Kashyap discussed the various issues
of India Dubai Chapter organized an Specialist, Governance and Public and challenges faced in the crypto
event titled “Emerging Standards of Policy, provided insights on the various markets and highlighted some critical
Auditing” at Hyatt Regency Dubai services available for branch of foreign auditing standards and guidance which
Creek Heights Hotel, in Dubai on companies local firms and natural govern the audit profession of cryptos.
Tuesday, 23rd May 2023. The Institute persons. many of the services have
of Chartered Accountants of India been made e-services to ease the
Dubai Chapter organized an event titled process of applying and issuing such The topic was further deliberated over
“Emerging Standards of Auditing” at licenses. a panel discussion with panelist Mr.
Hyatt Regency, Dubai Creek Heights Abdullah Saleh Al Hammadi, Director
Hotel in Dubai on Tuesday, 23rd May Mr. Emin Mammadov – Partner EY said of Auditors Department - Minister of
2023. that the implementation of a robust Economy, Mr. Abdelrahman Elfeky,
system of quality management is of
The event was graced by the presence utmost importance for professional Senior Specialist, Governance and
of Mr. Abdullah Saleh Al Hammadi, firms in serving the public interest. Public Policy and Ms. Hanan Al
Director of Auditors Department - The International Standard on Quality Thuwaini, Executive, Studies and
Minister of Economy, being the Chief Management 1 (ISQM1) deals with the Research. The panel discussion was
Guest and Keynote speaker for the professional firm’s responsibilities to moderated by CA Harikishan Rankawat
event. The historical ties and strong have a system of quality management - Chairman ICAI Dubai Chapter and CA
partnership binding the UAE and India that provides reasonable assurance
goes back to decades of fruitful co- that the audit and other assurance Prabhdeep Singh Baweja - Regional
operation and our countries have been engagement reports issued are Director - ICAI Middle East & Africa.
constructively collaborating on many appropriate; and the firm and its The esteemed panelist answered a
mutual beneficial areas. personnel fulfill their responsibilities few questions from the members
and conduct assurance engagements on the subject topic of recognition of
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
gathering by emphasizing on the regulatory requirements. certification.
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,

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