The Association was established to cope with the overall economic development in the UAE; particularly in the field of commerce & industry which is manifested in the issuance of all economic legislations such as Business Law, Central Bank & Commercial Banks Act, Insurance Companies Law & Law Business Transactions. As well as many medium-income UAE nationals are becoming aware of how to invest their savings and the establishment of public joint stock companies, which offer their shares for pubic subscription and finally the introduction of the Federal Law No.22 for the 1995 regarding Organization of Auditors profession.
As a result of the development in accounting and auditing profession and the introduction of obligatory standards on the practitioners of all business entities and professional associations. And as there is a trend of implementing the international standards to keep pace with developed world. And as there was no independent body or association to cater for the affairs of the profession.
As an elite of UAE youth have become aware of their role to drive the national effort and to participate in the development of the process of economic growth and to enhance the performance in the profession of accounting and auditing in UAE.
In view of all these considerations, this group has drafted the statutes of this association and has it approved by the concerned government authorities and accordingly the association was registered as one of the public association vide H.E.Minister of Labour and Social Affairs decision No.227 for the year 1997. The Board of Directors is pleased to congratulate nationals, officials, professionals and all the concerned parties on the registration of the association hoping that they will soon join the association to contribute in it and participate effectively in its activities and its technical and scientific committees.
Hoping all success and prosperity to our nation.
OBJECTIVES OF THE ASSOCIATION
The main objective of the association is to undertake the necessary measures for developing and consolidating the rules and standards the practice of the profession of accounting and auditing in the country in general and in particular it shall have the following objectives:
To prepare and study the accounting and auditing standards and to submit the proposals for their development to the concerned authorities in the country for ratification and issuance.
To propose ways and means to organize the profession and enhance its professional performance.
To propose the suitable organization for the field control to ensure the implementation of the accounting and auditing standards by the chartered accountants and auditors so that they observe the rules and regulations of the profession and the prevailing economic laws in the country.
To undertake all actions required by the competent authorities in the country to develop the profession and enhance the efficiency of its services in the manner that supports the economic activity and optimize its effectiveness.
To maintain up to date information on the profession in the country and abroad including the applications of the standards.
To participate in the preparation of the professionals and develop their abilities and qualification.
To safeguard the professional rights of the members.
To coordinate with the competent authorities and provide the employment opportunities to the members in accordance with the Laws in force in the country.
To participate in the proposal of the necessary rules for the accountants'' examination, when approved, and the rules for registering auditors in the register at the Ministry of Economy and Commerce and submit the same to the competent authorities for their information.
To prepare the studies pertaining to the rules and ethics of the profession and submit them to the competent authorities to impose them upon the practitioners of the profession.