5:28 PM - Tuesday 10 Dec 2019

First initiative: Modifying accountants system and proposing mechanisms for the development of chart

This initiative review chartered accountants’ system modify what needs to be modified in accordance with the developments in the field of this profession. This initiative also propose mechanisms to develop the work of chartered accountants to increase confidence in his work to include the following:

  • Review the title of accountants organizations
  • Visualize reward and punishment
  • Re-formation of the Commission of Inquiry
  • Reconsider the sanctions approved by the Commission of Inquiry and ensure that there is no variation of sanctions in similar cases
  • Licensing Certified chartered Accountants (who have bachelor degree in any field other than accounting).
  • A comparison of what it must be the case of accountants - assess the situation with other professional advanced organizations.
  • Shape of the professional company (joint or limited)
  • Preparing a standard contract between the auditor and the client that preserves the rights of each party (Engagement Letter)
  • Announcing the results of field investigation (Fail / Pass)
  • Ensure that the manager or supervisor of the audit process obtained a fellowship or any other degree recognized by the organization.
  • Develop procedures for the granting temporary stoppage
  • Involvement of representatives of the Capital Market Authority and the Department of Zakat and Income in the Board of Directors
  • Developing small and medium-sized offices
  • Develop a mechanism and conditions to be taken into consideration when choosing a chartered accountant