Auditors must scrutinise company books more rigorously to guard against fraud and help restore investor confidence after a series of corporate scandals, says the chief of Dubai’s financial regulator.
While the 2001 Enron bankruptcy triggered a global overhaul of audit procedures, a series of investigations into accounting standards among local companies, including Dubai’s Damas International, has now put the spotlight on the Gulf.
Auditors and regulators needed to be given more training to better understand complex financial products used by companies, said Paul Koster, the chief executive of the Dubai Financial Services Authority (DFSA)."
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