MoU signed to define areas of cooperation and share expertise and knowledge
DUBAI FINANCIAL Market (DFM) has signed a Memorandum of Understanding (MoU) with the UAE Accountants & Auditors Association.
The MoU represents a general framework that governs the relation between the two sides and areas of mutual collaboration, expertise sharing in various areas and encouraging the adoption of best practices and performance enhancement.
The MoU was signed by Essa Kazim, Managing Director and CEO, Dubai Financial Market and Saif Bin Abed Al Muhairi, Chairman of the Association, in the presence of representatives from both sides.
Essa Kazim said: “The Accountants & Auditors Association plays a crucial role in enhancing the accounting and auditing sector. The signing of this MoU stems from DFM’s continuous desire to collaborate with various local and international institutions actively promoting best professional practices. Accounting and auditing is extremely important for businesses in general and the public joint stock companies listed on DFM in particular. This drive will ultimately make a positive impact in enhancing performance through utilising international accounting and auditing practices.”
Saif Bin Abed Al Muhairi said: “As part of our commitment to enhance the profession, we have recently signed MoUs with many leading organisations capable of supporting our efforts including the Ministry of Economy and the Securities and Commodities Authority. We are delighted to sign this MoU with DFM as it will lay the foundation for mutual cooperation through a series of initiatives aiming to improve the quality of the profession for the good of the investors and ultimately for the national economy. Clearly, the more we have sound and accurate accounting and auditing the better will be the impact on the UAE financial market, as this will augment investor confidence and encourage active participation in the market.”
According to the MoU, the two sides will collaborate in various areas including; sharing knowledge and advice to their mutual advantage, organising workshops, jointly preparing research and studies aiming to enhance capabilities and efficiency and professional development based on the most recent international practices and publishing the contributions of both parties’ employees related to finance and accountancy through the websites of both entities.