As part of its scientific seminars series for the academic year 2015-2016, the Scientific Accounting Association at CBE recently organized its third seminar “The Accounting Standards in the State of Qatar”.
The seminar was an empirical case study conducted by CBE associate professor of accounting and dean of academic affairs at Ahmed bin Mohammed Military College Dr Khalid Bin Nasser Al-Khater, and professor of accounting at Cairo University and Qatar Football Federation financial advisor Dr Ahmed Sabai Qutb.
Attendees included assistant undersecretary for Trade at the Ministry of Economy and Commerce Mr Yahya Bin Saeed Al Nuaim, as well as ministry officials, CBE faculty and several members from the Association.
Dr Al-Khater noted that the number and size of the companies operating in the State of Qatar have increased in line with the development and growth of the country’s economy. This overshadowed the core role of accounting and auditing in the economic activities in general, and the companies in particular, he said, adding, “it is necessary to develop legislation and regulations related to the accounting and auditing profession in the State of Qatar and to ensure their application in the workplace”.
He highlighted the need to apply the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). Therefore, the Company Law No. 11 of 2015 needs to be modified to change the term “The use of generally accepted accounting principles” to “The use of the International Financial Reporting Standards (IFRS)”.
Dr Al-Khater also highlighted the need to establish a council or an independent public body to be involved in the organization of the accounting and auditing profession. “A part of the responsibilities of this body is to identify the accounting and auditing standards and monitor the professional performance of the practitioners”, he said.
He also pointed to the need to enhance the support of the government for the organizations and associations operating in accounting and auditing. He mentioned that it is also necessary to increase the community awareness of the accounting and auditing profession and its improvement which will boost confidence in the national economy.
Finally, Dr Al-Khater recommended to develop professional performance monitoring program for the auditors in the State of Qatar to ensure the quality of their performance, in addition to develop and apply professional rules of conduct. He also recommended to activate the supervisory role of the concerned authorities and highlighted the need to oblige companies to follow the principles of corporate governance, which will help to adhere to in the application of international accounting and auditing standards.