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Among its findings, the committee said Mr White did not obtain sufficient appropriate audit evidence to support his assessment of the recoverability of finance receivables and did not obtain sufficient appropriate audit evidence to support his assessment of reports to the trustee.
Mr White was said to have prepared and signed an audit report for inclusion with the company's prospectus which did not comply with legislative requirements, and failed to obtain sufficient evidence to support his assessment of the financial statements that there were no restructured or impaired loans.
Following the decision in November a review of Mr White's practice was carried out in December and he will not carry out issuer (a company offering securities) audits any more, other than under the supervision of an approved mentor.
"In reaching its decision ... the committee took into account the fact that Mr White had approached the criticism of him in a responsible manner, that he had engaged a mentor who was overseeing his audit work and that his firm will be practice reviewed in December 2010," the committee said.
It also noted that Mr White intended to retire from practice in 2011. Mr White said he was of retiring age, but he did not have immediate plans to do so.
The matter was not referred to the disciplinary tribunal, unlike the case of former South Canterbury Finance auditor and Woodnorth Myers director Byron Pearson, who was fined $38,000 plus GST by the disciplinary tribunal after his auditing of the finance company failed to pick up a number of questionable
regulatory body for professional accountants
DUBAI - The establishment of an accountancy body in the region or initially in the UAE to regulate the education and training of professional accountants is a must, a chartered accountant having more than 35 years of experience with a strong Middle East focus, has stressed.
Mr White was said to have prepared and signed an audit report for inclusion with the company's prospectus which did not comply with legislative requirements, and failed to obtain sufficient evidence to support his assessment of the financial statements that there were no restructured or impaired loans.
Following the decision in November a review of Mr White's practice was carried out in December and he will not carry out issuer (a company offering securities) audits any more, other than under the supervision of an approved mentor.
"In reaching its decision ... the committee took into account the fact that Mr White had approached the criticism of him in a responsible manner, that he had engaged a mentor who was overseeing his audit work and that his firm will be practice reviewed in December 2010," the committee said.
It also noted that Mr White intended to retire from practice in 2011. Mr White said he was of retiring age, but he did not have immediate plans to do so.
The matter was not referred to the disciplinary tribunal, unlike the case of former South Canterbury Finance auditor and Woodnorth Myers director Byron Pearson, who was fined $38,000 plus GST by the disciplinary tribunal after his auditing of the finance company failed to pick up a number of questionable
regulatory body for professional accountants
DUBAI - The establishment of an accountancy body in the region or initially in the UAE to regulate the education and training of professional accountants is a must, a chartered accountant having more than 35 years of experience with a strong Middle East focus, has stressed.
“UAE business environment has gone through a phenomenal growth and is now comparable to developed economies. Therefore, a regulatory body would have a positive impact on the profession of accountancy,” M. Ismail Mughal Managing Partner of the newly established Dubai-based AuditEx Ismail Mughal & Co, public accountants, auditors, accountants and business consultants, said in an interview with Khaleej Times.
For example, he said that mortgage industry which was never there until few years ago, has started to take its roots and like-wise credit card industry and other businesses have grown substantially. Stock market is now operating with so many listed companies and all this requires good quality professionals, Mughal said.
He said that the Institute of Chartered Accountants in England & Wales (premier accounting body) have started their office here in Dubai recently to promote the business and accounting education.
Following are excerpts from the interview.
What are the issues of concern to the profession of public accounting in the UAE and the region?
The main issues in the UAE and the region are: there is a need for a professional body to regulate the profession. In other countries the profession is regulated by the professional bodies, like institute of Chartered Accountants or Certified Public Accountants bodies.
The role of such bodies is first to produce the accountants through set of examinations covering wide range of subjects relating to accountancy, auditing and financial reporting etc., and thereafter to monitor the conduct of their members. Once an individual is a member of a professional body, he becomes accountable.
Here in this region, the practicing accountants come from varying academic and professional backgrounds and accordingly their conduct can vary considerably.
A local regional body once set up, should take over the role of conducting examinations and thereafter, monitoring the members ethics. This I feel is much desired.
What are the plus points of the large business houses and the areas of improvement?
Most of the large business houses in Dubai, like Galadaris, Al Futtaims and Al Ghurairs (SHOULD WE REMOVE THE NAMES) represented family owned businesses. These businesses were started years ago by the elders which continued to expand as the needs of the society grew. Then the family members mostly the sons, younger brothers etc, joined in.
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