Technical Staff
February 15, 2023
The audit profession in Arab countries can be traced back to the early twentieth century when the region’s first accounting and auditing firms were established. The audit profession has evolved and developed in response to changing business and societal needs.
Initially, the auditors’ primary responsibility was to ensure the accuracy and reliability of financial statements. Impacted by globalization and the information and technology revolution, audit firms expanded to deliver other assurance services and advisory in risk management, internal control, and corporate governance as Arab economies grew and became more complex.
Despite this evolution, the audit profession in Arab countries faces several challenges. One of the most serious issues is a lack of regulation and oversight. The audit profession is not adequately regulated in many Arab countries, resulting in a lack of accountability and transparency. This has resulted in a decline in audit service quality and a loss of trust in the audit profession.
Another issue confronting the audit profession in Arab countries is a lack of opportunities for professional development. Many regional auditors lack the training and experience to meet the demands of a rapidly changing business environment. As a result, there is a skills gap, which has harmed the quality of audit services.
Finally, the prevalence of corruption and bribery has impacted the audit profession in Arab countries. This has led to a lack of trust in the audit profession, lowering the quality of audit services.
In conclusion, the audit profession has a long history in Arab countries and has evolved to meet the changing needs of businesses and society. However, the profession is currently confronted with numerous challenges, such as a lack of regulation and oversight, professional development opportunities, and the prevalence of corruption and bribery. These issues must be addressed to restore the region’s audit profession’s integrity and credibility.
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