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New UAE rules for auditing, accounting jobs starting September 13

 

The Ministry of Economy has reviewed the updated law for accountants and auditors in the country, with an official saying that the rules will take effect in September.

Abdulaziz Al Nuaimi, Assistant Undersecretary for Commercial Affairs at the Ministry of Economy, said the “UAE attaches great importance to the accounting and auditing profession, given its pivotal role in regulating the country’s business sector”.

The new rules will be implemented starting September 13, 2022, Al Nuaimi said.

Under the new rules, Emiratis who want to become auditors but do not have a bachelor’s degree to practice it are allowed to practice the profession under specific conditions, which include the completion of 15 hours of accredited accounting courses and fulfilling the requirements of the certificate, experience, fellowship program and other conditions.

The practical experience required to practice the profession is five years “after obtaining the educational qualification in line with international standards”.

For expatriates who want to practice auditing or accountancy profession, a minimum number of years of job experience within the UAE is required.

Expats need to have a minimum of one year experience within the UAE if their job experience outside the country exceeds 10 years.

The required minimum job experience in the UAE is two years if the applicant’s experience outside the UAE is between five years and ten years.

Applicants who have two to five years of job experience outside the UAE are required to have a minimum of three years job experience in the country to practice the profession.

Job applicants will also be required to take one or more tests, depending on the field they wish to practice. The tests include Accounting Standards Test, Auditing Standards Test and Legislation and Taxation test.

The UAE will adopt the “financial reporting ecosystem” model, which makes it one of the first countries in the world to adopt this advanced model.

Activities and areas of the financial reporting ecosystem will be expanded, besides auditing accounts to include financial and administrative accounting, tax accounting, internal auditing and judicial auditing, and paving the way for adding other accounting activities in the future.

Assistant Undersecretary Al Nuaimi emphasized that the updated implementing regulation represents a new milestone in the completion of the UAE business environment’s legislative system and ensures its work flexibly under one umbrella. ICA/Expat Media


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