Laws regulating the profession of accountants and auditors in the Arab world ought to be revised, and relevant bodies should work together to improve the quality of financial data in order to fend off relevant contradictions, according to recommendations produced by conferees here on Thursday.
Just a la the US SOX Law, a fresh law pertinent to the internal control system should be adopted by Arab countries with a view to cutting accounting and auditing mistakes, the participants in an international conference on accounting and auditing said in a final communique.
The Sarbanes-Oxley Act of 2002 (often shortened to SOX) is a piece of legislation passed by the U.S. Congress to protect shareholders and the general public from accounting errors and fraudulent practices in the enterprise, as well as improve the accuracy of corporate disclosures.
Also, a university educational development department needs to be created with specific and clear-cut goals so as to cope with the requirements of the labor market, they requested.
Furthermore, pieces of legislation bearing on corporate governance should be enacted in the Arab world with the goal of improving the quality and safety of financial data, the conferees recommended.
Organized by Kuwait Association of Accountants and Auditors (KWAAA), the two-day international conference on accounting and auditing, which is the fourth of its kind in Kuwait, concluded here today.
Specialists of accounting and auditing taking part in the sessions of the conference discussed major issues like transparency, disclosure, corruption, accounting education, corporate governance, needs of the labor market and the international criteria of financial reports and their application.