The code will act as a manual for upholding ethical standards and preventing malpractice during the preparation of financial reports and when dealing with non-compliance issues related to laws and regulations.
Abu Dhabi has introduced a new code of ethics that applies to accountants and auditors responsible for financial statements.
The adoption of a “Code of Ethics” by the Abu Dhabi Accountability Authority (ADAA) has been announced. The code is based on the standards set forth by the International Ethics Standards Board for Accountants (IESBA).
The new code of ethics for accountants and auditors in Abu Dhabi follows important ethical principles such as integrity, objectivity, efficiency, professionalism, due diligence, confidentiality, and professional behavior. It stresses the importance of avoiding conflicts of interest and maintaining independence when preparing financial data, and presenting it transparently in accordance with international standards. Additionally, the code provides further guidance on accounting standards for determining which entities are subject to the requirements of public interest entities.
The key objective is to enhance the independence of auditors responsible for accounts of relevant entities, in line with the Authority’s responsibility to enhance the quality of audit work in the emirate.
The purpose of the Code of Ethics is to provide a framework for accountants and auditors to conduct themselves with honesty and integrity, and to prevent misconduct while preparing financial reports, addressing non-compliance with laws and regulations, accepting gifts, and maintaining independence during auditing processes.