The Importance of a Strong Accounting Profession. in the Middle East

Transcription

1 The Importance of a Strong Accounting Profession in the Middle East Presented By The Arab British Chamber of Commerce and the Arab International Women s Forum In cooperation with the Institute of Chartered Accountants of England and Wales The Arab British Chamber of Commerce 43 Upper Grosvenor Street, London W1K 2NJ 22 February Introduction to The Theme of The Panel Discussion and Remarks By Mrs Haifa Al Kaylani, Chairman, Arab International Women s Forum 1

2 Introduction & Acknowledgements Distinguished Guests, Ladies and Gentlemen, It is a great pleasure indeed for me as Chairman and on behalf of the Board of the Arab International Women s Forum to reiterate my warm welcome to you all on the occasion of the Panel Discussion on The Importance of Strong Accounting Profession In the Middle East hosted kindly by The Arab British Chamber of Commerce. I am certain that we shall all enjoy a most rewarding and inspiring presentations and discussion thanks to the valued contributions of all our distinguishes guest speakers and panellists. AIWF is very proud to be collaborating on this initiative with the Arab British Chamber of Commerce following the signing of the Memorandum of Understanding and Cooperation last year, and we applaud them for all of their efforts to promote world-class business practices that will propel Arab and British companies towards 2

3 greater integration into the global economy as it continues to recover, and opportunities for entrepreneurs and business owners everywhere continue to strengthen. We are also very proud to have the cooperation of the Institute of Chartered Accountants of England and Wales, and we commend their important work in promoting excellence in the accounting profession. With over 132,000 members operating in 165 countries, the ICAEW is at the forefront of efforts to work with local organisations and governments around the globe to establish world-class professional bodies, provide enhanced further training that will increase the capacity of women in business, and to ensure that on a local level, qualifications are of the highest standard. The ICAEW has played a key role in shaping those standards of accounting and auditing, and driving ethics within the profession by 3

4 working closely with accountancy bodies and governments across the globe to enhance the accountancy profession by ensuring financial information is as technically rigorous and ethically robust as possible. We are also honoured to have the participation of PricewaterhouseCoopers,AIWF Global Annual Partners,and we acknowledge their many successes in the MENA region in developing women as well-qualified financial professionals. We certainly look forward to working more closely with them in future and with all our esteemed partners present here today, to ensure that strong accounting practices become an integral part of how the Arab world conducts and grows its businesses. 4

5 The Importance of Strong Accounting Practices Ladies and gentlemen, if sustainability is the capacity to endure, then strong accounting is one of the most important measures that will differentiate those businesses that will flourish and become financially sustainable in the recovering global economy, from those that will struggle to revive and survive. In these challenging times, there is unprecedented pressure on business owners to steer a safe and profitable course through what has been a turbulent time for economies across the world. The required sophistication of businesses, as well the ever-growing demand for stronger, more insightful and more professional processes, means that business owners must learn to be more efficient, more strategic in their approach and better able to meet increasingly high standards in order to compete and thrive. 5

6 As new and exciting opportunities for business growth, cross-border collaboration and partnership emerge for 2010 and beyond, AIWF firmly believes that the time to implement best practices in business, governance and finance is now. Along with our international partners, we remain committed to putting solid, world-class standards of finance and business squarely on to the Arab business agenda indeed, since our inception in 2001, our work has been almost exclusively focused upon paving viable paths to success for Arab companies, especially women-owned businesses. We believe that a dynamic and vibrant Arab private sector is key to achieving prosperity and stability in the region. We have especially focused in all our Programmes on capacity development, the facilitation of experience exchange and providing the networking and mentorship opportunities that play such an important role in shaping business talent and ensuring that 6

7 businesses and entrepreneurs are ready to compete and succeed in the mainstream economy. Our international and regional conferences, seminars and annual programmes promote an environment that inspire and empower young women and girls to become leaders in disciplines and professions that have traditionally been male-dominated; science and technology, finance and accounting being at the forefront of these. Through this panel discussion and all of our other initiatives, we aim to reiterate the urgent need for continued reform in the attitude and mindset of business houses of the Arab World not as a measure of progress or change but as a necessary corporate survival tool and a fundamental rule of economic growth. 7

8 Allow me please to highlight some key points pertaining to the Arab world in particular: The economic crisis of 2008 and 2009 has placed incredible pressure on companies in the Arab world, especially in the GCC, and has underscored the need for higher standards and transparency in the accounting profession. Stock exchanges in the region already require their accounts to follow international standards, and a full convergence towards world standards is already underway. The credit crunch succeeded in putting accountancy, corporate governance and the issues of transparency, risk and integrity at the forefront of international and regional debate, and highlighted the very urgent need for more sophisticated and transparent financial information. 8

9 In the Arab world, which has experienced unprecedented business and social progression in the last decade, the transition to a new set of accounting standards will undoubtedly be a long and complex process. The key to the success of this transition is that Boards across the region remain committed to hiring the best-qualified finance and accounting teams, professionals that are knowledgeable in international accounting standards and best practices in financial reporting, and this is where organisations such as the ICAEW and PricewaterhouseCoopers have the greatest influence to impact positive change, enhancing opportunities for accounting professionals in the region as they relate to the wider business community. In the last decade, businesses in the Arab region have become increasingly more global in their operations and their outlook, working across borders and markets. It is key that these 9

10 companies employ, develop and retain staff with internationally-recognised qualifications that are fully competent in operating across markets. The adoption of world-class accounting practices will lead to better standards of disclosure and will allow investors to make better decisions, ultimately bolstering confidence and attracting further investment. 10

11 Concluding Remarks Ladies and gentlemen, to conclude, Our panel discussion tonight has successfully reinforced AIWF s message that good business and financial practices are fundamental to business growth and sustainability. We have all certainly benefited from your invaluable knowledge and experience, and your insights have enriched the deliberations and outcomes of this discussion. We look forward to working with you in the very near future to further develop the findings of today s seminar, to put them into practice and strengthen opportunities for companies to grow their businesses through the adoption of internationally-recognised 11

12 accounting and auditing practices. Thank you for your valued presence. 12