ABU DHABI, 13th March, 2023 (WAM) — The Abu Dhabi Accountability Authority, ADAA, has announced the adoption of a “Code of Ethics” based on the standards issued by the International Ethics Standards Board for Accountants, IESBA, during its hosting in Abu Dhabi. The first annual board meeting in the Middle East, currently held from March 13th to 17th.
The adoption of the standard will apply to accountants and auditors of financial statements from 31 December. The 2022 Manual of the International Code of Ethics for Professional Accountants will be fully adopted, including all its provisions and additional requirements.
Wael Abdul Qader, Acting Head of the ADAA Oversight and Audit Division, said: “We are announcing the full adoption of the standards set by the International Board of Ethical Standards for Accountants. Statutory auditors of subject entities will apply it to improve audit quality and uphold transparency, integrity and accountability the rules.”
Based on the critical importance of financial reporting to professionals and decision makers in the emirate, the International Standard adheres to fundamental principles of a code of ethical conduct and related concepts, including integrity, objectivity, efficiency, professionalism, due diligence, confidentiality and professional conduct. It also emphasizes the need for accountants and auditors to observe no conflict of interest and independence in preparing and presenting data in a transparent manner consistent with international standards and practices.
The Code of Ethics includes additional clarification of accounting standards to identify the principal entities to which the PIE requirements apply. The most important of these is to strengthen the independence of the auditors of the accounts of the principal entity, follow the roles and responsibilities of the authority, and improve the quality of audit work in the emirate.
The Code of Ethics will serve as a guide for honest accounting and auditing to avoid conflicts with the preparation of financial reports, dealing with non-compliance with laws and regulations, acceptance of gifts, and independence of auditing and auditing processes and auditing.
To coincide with the Year of Sustainability, the annual IESBA Board meeting is being held at Abu Dhabi Energy Business Center under the motto ‘Building an Ethical Foundation for Sustainability’, with over 55 international participants from experts and Meeting.
The event is one of the largest in the field of accounting, serving as a platform for members to tackle their many projects and discussions, and to facilitate decision-making on issues related to updating international auditing and accounting standards. Board meetings also deal with decisions based on other accounting subjects and discuss items proposed by members.
The International Ethical Standards Board for Accountants is a globally recognized independent body that pioneers the development of ethical standards for professional accountants. Its rigorous IESBA Code of Ethics includes a strong set of standards, including requirements for auditor independence, with the aim of maintaining global consistency of standards and methodologies in terms of preparation and confidentiality.