RECENTLY I was in Doha on the invitation of Qatar’s Chapter of the Institute of Internal Auditors (IIA) where I got to witness the great strides the country is taking towards achieving its Economic National Vision 2030. Qatar’s IIA is moving in tandem with this 2030 blueprint roadmap, as the audit body seeks to increase its influence over the country’s public policy.
With construction boom at an all-time high following the nation’s successful bid to host the 2022 FIFA World Cup, Qatar is on the verge of an economic revolution.
The GCC country located on the northeasterly coast of the much larger Arabian Peninsula is enjoying a period of unparalleled prosperity, with exceptional progress being evident in almost all sectors of the economy. Qatar National Vision 2030 and programmes such as Q2022 are focusing on leaving a legacy for the Gulf country in terms of sport, infrastructure and economic development.
The football showcase is the largest single event sports tournament in the world by a considerable margin and will put Qatar on the world map, but at the same time, this means a great amount of organisational risks ahead for internal auditors.
Deloitte expects Qatar to invest over US $140 billion in transport infrastructure in anticipation of the World Cup. Due to this, I sought to find out how auditors are evolving with other structures of the economy, in order to better serve the needs of companies in a cost-efficient way. Read the interviews in our ‘Spotlight’ segment.
Speaking of Deloitte, we had an exclusive sit-down with the firm’s Global CEO, during his recent visit to Dubai. California-based Barry Salzberg has been with the ‘Big Four’ audit giant for more than 34 years and he reveals to us how – as a working-class kid from a poor borough of New York City – he rose to become the leader of a multi-billion dollar worldwide company.
Salzberg also gives us an insight into his background, his rapid ascension up the corporate ladder, and offers sound advice for anyone who wishes to do the same.
Finally, the development and widespread adoption of International Financial Reporting Standards (IFRS) in the region is in high gear. There are currently more than 100 countries that report under IFRS. In the Middle East, IFRS is a requirement for companies within the UAE, Bahrain, Kuwait, Oman and Qatar, while Saudi Arabia plans to convert by 2015. In the ‘IFRS Special’ pages, keep up to date on where the region stands in convergence today, compared to the other world markets.
Ramadan Kareem!
Joyce Njeri
Editor
Accountant Middle East
