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Towards a policy model for strengthening the accounting and auditing profession in a fragmented regulatory context: Some preliminary evidence from the UAE (United Arab Emirates)
By Rihab KhalifaAbstract

The purpose of this paper is to contribute to the development of a policy model for the accounting and auditing profession that fits the current fragmented regulatory context of the UAE, andcould help accountancy to become a cornerstone of an improved corporate governance regime. This is a qualitative paper. Data for this paper were collected via in-depth interviews with partners in BigFour audit firms in the UAE, accounting academics, and accounting students at the UAE University. Valuable primary sources of data were also web sites and publications from official organizations. Ashort survey was also administered to students. In summary, accountancy's regulatory context in the UAE has remained fragmented. The state has taken the lead role, regulating in some detail theaffairs of audit firms. The fragmented regulatory context of accounting and auditing in the UAE has allowed the Big Four to import their global quality assurance systems into the UAE, hiring mainly auditorswith foreign examined qualifications. This may present advantages for the policy objective “internationalisation of the UAE economy”. It may, however, be regarded as suboptimal for the policyobjectives “localisation of the accountancy profession to support the growth and development of local (family) businesses” and “Emiratisation of the accountancy profession”. It is suggested that the possibleshape of a stronger UAE-based accountancy profession be investigated in more detail and its suggested positive effects for specific, relevant UAE policies be put to the test. Small and medium-sizedpractitioners need to be supported by a clearer regulatory context, which allows them to exist alongside the Big Four.

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El título | Hacia un modelo de política para el...