Ministry of Economy adopts professional fellowship program of the Accountants & Auditors Association

H.E Bin Touq: Program supports Ministry’s continuing efforts to develop accounting & auditing professions in the country, and promotes investor confidence in these sectors

The Ministry of Economy launched resolution no. 111-2 of 2022 on the adoption of the professional fellowship program of the Accountants & Auditors Association in order to empower UAE citizens in the financial and accounting sectors, and drive Emiratization in these fields. The resolution establishes the fellowship as a major pre-requisite - Association for the registration of accountants and auditors in the Ministry’s registry of auditors, in accordance with the executive regulation of the auditing profession law.

H.E Abdulla Bin Touq Al Marri, Minister of Economy, said: “The program supports the Ministry’s continuing efforts to enhance and develop the accounting and auditing professions in the country, and increase the competency of all auditing and accounting services in line with global best practices and standards.

This program further promotes investors' and businesses’ confidence in our country’s financial and accounting sectors, as well as in business governance, thereby consolidating the national economy’s strength and upholding its prestigious global trade and investment position aligned with the principles of the 50 and the UAE Centennial 2071.”

H.E. Bin Touq added: “The new program will help support and encourage UAE citizens with various specializations to enter the financial and accounting sectors, thereby enhancing Emiratization rates in accounting and auditing professions in the upcoming years." It further promotes the ambitions of the UAE government to drive Emiratization across all vocational professions in the private and public sectors in line with best practices.”

The Minister of Economy further noted that the new program, which was developed in cooperation with the Accountants and Auditors Association, will upskill auditors and accountants, thus enabling the development of an integrated system for financial reporting in the country and keeping pace with global developments in the accounting and auditing fields.

The Ministry elaborated that the examinations for the Association’s fellowship were developed in collaboration with the Association of Chartered Certified Accountants (ACCA). The Ministry has further determined eligibility criteria to receive the fellowship. These require the candidates to:

• Possess a bachelor's degree in accounting or any other specialty with 15 completed hours in accounting courses, or hold membership in any of the member associations of the International Federation of Accountants.

• Have a valid membership in the Accountants and Auditors Association before applying for any of the accredited examinations.

• Have passed the Accounting Standards examination and the Auditing, Legislation, and Taxation Standards examinations, developed by the ACCA to keep pace with the UAE’s legislative environment, and enable the certificate holders to align their technical knowledge with professional requirements.

• Candidates who have received fellowship from any of the accredited international associations and institutions such as the American Institute of Certified Public Accountants (AICPA), Institute of Chartered Accountants in England and Wales (ICAEW), ACCA, Canadian Institute of Chartered Accountants (CICA), Institute of Chartered Accountants-Australia, and the Saudi Organization for Chartered and Professional Accountants are exempt from the accounting and auditing standards examinations. 

The Ministry further clarified four steps to receive the fellowship certificate, which are:

1. Apply for membership in the Accountants and Auditors Association after meeting the eligibility criteria set by the Association.

2. Visit ACCA’s website for training sessions and to book a date for the examination. This step may differ from one applicant to another based on the eligibility conditions.

3. Once the candidate passes the exam, a grade transcript and any other documents required by the association must be submitted.

4. After fulfilling all requirements, the candidate will be offered membership in the association with fellow member status, and s/he will be awarded a certificate valid for one year from the date of issue.

Furthermore, the resolution establishes general conditions as requirements for continuing their vocational training. For the annual renewal of the fellowship certificate, its holder must receive a minimum of 30 hours of continuous vocational training, including a minimum of 12 hours annually, in basic subjects covered by the examination. The obligatory continuous vocational training enables certificate holders to upgrade their knowledge and vocational skillsets, to ensure their alignment with the developments in the profession and the UAE’s business environment.