UAE – Mubasher: The UAE Internal Auditors Association (UAE-IAA) revealed it seeks to collaborate with similar entities and bodies that operate in India in order to boost the internal auditing and accounting sectors.
The UAE-IAA has organised a joint symposium along with the Institute of Chartered Accountants of India’s (ICAI) Abu Dhabi Chapter on the fraud risk management and dealing with its future challenges, according to a press release.
The two professional parties have tackled ways to exchange knowledge and best practices as bilateral trade between the two countries is set to surpass $100 billion in 2020, the release noted.
It is worth noting that the UAE has become India's third-largest trading partner after the US and China.
Abdulqader Obaid Ali, chairman of UAE-IAA, said: “Our accounting professionals will immensely benefit from the association with the ICAI [an Indian national professional accounting body], which is the second largest professional Accounting & Finance body in the world. By sharing knowledge with the Institute members will help our members learn best practices and keep abreast of the latest trends in the accounting ecosystem.”
For his part, Ashish Bhandari, chairman of ICAI-Abu Dhabi Chapter, said: “The collaboration with UAE IAA will help the accounting professionals to learn from the experience and knowledge of IAA members for us to raise our standards in our endeavor to take the Chapter to further heights and to raise the profile of the Chapter amongst various associations in the UAE.”
More than 200 professionals from the UAE IAA and the ICAI have attended the Abu Dhabi event held under the theme of ' Explore the Possibilities".
Moreover, a presentation on Fraud Risk Management by director of risk advisory services Scott Garnett and senior manager of risk advisory services at Mayur Batra Group Esha D’souza highlighted the common characteristics of fraud offenders to help organisations improve their ability in detecting fraud and diminish their risk of loss.
