e-journal

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

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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.
Design/methodology/approach – This is a qualitative paper. Data for this paper were collected
via in-depth 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 limitations/implications – It is suggested that the possible shape of a stronger
UAE-based 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 medium-sized practitioners need to be supported by a clearer
regulatory context, which allows them to exist alongside the Big Four.
Originality/value – The paper presents empirical and qualitative evidence about the regulatory
context of the UAE.

Keywords Regulatory context, United Arab Emirates, Big Four, Audit firms, Internationalization,
Policy models, Auditing profession, Accounting, GCC, Auditors, Regulation

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Informasi Detail

Judul Seri

Journal of Economic and Administrative Sciences

No. Panggil

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Penerbit

: Emerald Group., 2012

Deskripsi Fisik

Journal of Economic and Administrative Sciences Vol. 28 No. 1, 2012 pp. 39-52

Bahasa

English

ISBN/ISSN

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Klasifikasi

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Tipe Isi

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Tipe Media

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Tipe Pembawa

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Edisi

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Subjek

AKUNTANSI

Info Detail Spesifik

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Pernyataan Tanggungjawab

Asmawati/Syahrial

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