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Towards a policy model for strengthening the accounting and auditing profession in a fragmented regulatory context

Towards a policy model for strengthening the accounting and auditing profession in a fragmented... Purpose The purpose of this paper is to contribute to the development of a policy model for the accounting and auditing profession that fits the current fragmented regulatory context of the UAE and GCC, and could help accountancy to become a cornerstone of an improved corporate governance regime. This paper aims to focus on the features of accountancy within the UAE and GCC, and develop some suggestions for a regional model.Designmethodologyapproach This is a qualitative paper. Data for this paper were collected via indepth interviews with partners in Big Four audit firms in the UAE, accounting academics, and accounting students at the UAEU. Valuable primary sources of data were also web sites and publications from official organizations. A short survey was also administered to students.Findings In summary, accountancy's regulatory context in the UAE has remained fragmented. The state has taken the lead role, regulating in some detail the affairs of audit firms. The fragmented regulatory context of accounting and auditing in the UAE has allowed the Big Four to import their global quality assurance systems into the UAE, hiring mainly auditors with foreign examined qualifications. This may present advantages for the policy objective internationalisation of the UAE economy. It may, however, be regarded as suboptimal for the policy objectives localisation of the accountancy profession to support the growth and development of local family businesses and Emiratisation of the accountancy profession.Research limitationsimplications It is suggested that the possible shape of a stronger UAEbased accountancy profession be investigated in more detail and its suggested positive effects for specific, relevant UAE policies be put to the test. More interviews with other relevant institutions and local accountants would have enriched understanding of the profession.Practical implications Understanding the financial regulatory context of UAE is crucial for the understanding and further development of the profession. The Big Four firms have a key role to play in orchestrating efforts towards further professional development.Social implications Small and mediumsized practitioners need to be supported by a clearer regulatory context, which allows them to exist alongside the Big Four.Originalityvalue The paper presents empirical and qualitative evidence about the regulatory context of the UAE. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Economic and Administrative Sciences Emerald Publishing

Towards a policy model for strengthening the accounting and auditing profession in a fragmented regulatory context

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1026-4116
DOI
10.1108/10264111211218513
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Abstract

Purpose The purpose of this paper is to contribute to the development of a policy model for the accounting and auditing profession that fits the current fragmented regulatory context of the UAE and GCC, and could help accountancy to become a cornerstone of an improved corporate governance regime. This paper aims to focus on the features of accountancy within the UAE and GCC, and develop some suggestions for a regional model.Designmethodologyapproach This is a qualitative paper. Data for this paper were collected via indepth interviews with partners in Big Four audit firms in the UAE, accounting academics, and accounting students at the UAEU. Valuable primary sources of data were also web sites and publications from official organizations. A short survey was also administered to students.Findings In summary, accountancy's regulatory context in the UAE has remained fragmented. The state has taken the lead role, regulating in some detail the affairs of audit firms. The fragmented regulatory context of accounting and auditing in the UAE has allowed the Big Four to import their global quality assurance systems into the UAE, hiring mainly auditors with foreign examined qualifications. This may present advantages for the policy objective internationalisation of the UAE economy. It may, however, be regarded as suboptimal for the policy objectives localisation of the accountancy profession to support the growth and development of local family businesses and Emiratisation of the accountancy profession.Research limitationsimplications It is suggested that the possible shape of a stronger UAEbased accountancy profession be investigated in more detail and its suggested positive effects for specific, relevant UAE policies be put to the test. More interviews with other relevant institutions and local accountants would have enriched understanding of the profession.Practical implications Understanding the financial regulatory context of UAE is crucial for the understanding and further development of the profession. The Big Four firms have a key role to play in orchestrating efforts towards further professional development.Social implications Small and mediumsized practitioners need to be supported by a clearer regulatory context, which allows them to exist alongside the Big Four.Originalityvalue The paper presents empirical and qualitative evidence about the regulatory context of the UAE.

Journal

Journal of Economic and Administrative Sciences – Emerald Publishing

Published: Jan 1, 2012

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