During the 10th Professional Accounting and Auditing Conference Abu-Ghazaleh Affirms Continuous Support to Accounting Profession in the Arab Region through IASCA
CAIRO - The International Arab Society of Certified Accountants (IASCA) took part in the 10th Professional Conference organized by the Arab Federation of Accountants and Auditors (AFAA) on ‘Accounting and Auditing Profession: Reality and Challenges, Digital Transformation, International Financial Reporting Standards (IFRS), Corporate Governance and Internal Control related the field of Accounting and auditing
The Conference was held under the auspices of: the Arab Economic Unity Council (AEUC), the League of Arab States, the Secretary General of the AEUC, Ambassador Mohammad El-Rabie, and the Egyptian Ministry of Planning. Executive directors of organizations, commissions, and professional associations who are members of the Council took part in the gathering along with around 250 prominent personalities in the field of economics, business and management from the Arab countries.
On behalf of HE Dr. Talal Abu-Ghazaleh, chairman and founder of IASCA, Mr. Jamal Milhem, IASCA Board member, delivered a speech at the opening session affirming the continuous support of IASCA to the accounting profession in the Arab region.
In the said speech, Dr. Abu-Ghazaleh underlined the supportive role of the IASCA since its establishment in 1984 for the development of accounting and auditing practices in the Arab world as well as for building the capacity of the profession in local organizations in these countries so that they can implement the international standards and comply with the best practices of the International Federation of Accountants (IFAC); ultimately contributing to the economic and social development of the Arab states.
Moreover, Milhem gave a presentation on the latest updates and amendments relating to the International Standards of Auditing among other standards issued by the International Auditing and Assurance Standards Board (IAASB) for the upcoming three years as well as the projects and initiatives currently under consideration by IFAC, calling on all professionals to participate by submitting their feedback and comments on the drafts of published standards.
Meanwhile, Milhem reviewed the accomplishments of the MENA Working Group in the International Federation of Accountants, IFAC for which he was selected as chair in (Mid 2019) announcing that it is working on conducting a comprehensive study on the current state of the profession in the Middle East and North Africa, exploring the challenges and proposing appropriate solutions that the Group is expected to submit in it’s report to IFAC by 2020.
The Conference aims at developing skills and exchanging knowledge and expertise using ICT in the field of accounting and auditing for enhancing professional relationships among Arab accountants and auditors in order to enable them to meet the requirements of economic development and leading to the promotion of investment in the Arab world.
IFAC, the global organization for the accounting profession and the Pan African Federation of Accountants (PAFA) also participated in the event.
It is worth mentioning that the Arab Federation of Accountants and Auditors is one of the specialized federations affiliated with the Arab Economic Unity Council within the League of Arab States. Its membership is comprised of Arab organizations concerned with the auditing profession in the Arab world.