Accounting & Auditing

Aquarterly Newsletter Issued by GCCAAO

Issue No. 1 (Rabi Thani 1424 – May 2003)

 

 

 

 

 

 

 

 

 

 

GCC Contribution  SR  3,000,000

Amount Received   SR  2,000,000

Amount Expensed   SR    780,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The mission of the organization :

Provide members with all matters that make them able to promote their professional, academic and technical capabilities to its maximum  level, in order to contribute effectively in using resources of member countries properly and face local and international changes with such capability and confidence that assists them to have influence on or be positively influenced by them and enables them to benefit from those changes.

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In This issue

 

 

 

 

Correspondences: Addressed to the Supervisor – Accounting and Auditing Newsletter

P.O. Box 55822 Riyadh 11544 – Saudi Arabia

Tel. + 96614784850 – Fax + 96614761526

www.gccaao.org – E-mail infor@gccaao.org

 

 

 

Meeting of GCC Secretaries General

 

 

 

 

 

As part of the attention devoted to the profession by their Excellency GCC Secretaries general, H.E. Abdul Rahman Bin Hamad Al Atia GCC Secretary General met with GCCAAO Board of Directors on Sunday 06.10.2002. He emphasized the importance of the objectives and duties entrusted to the organization, as it reflects one of GCC achievements issued under a resolution taken by its supreme Council. He confirmed his personal interest to secure continuous cooperation and provide every possible support to GCCAAO. At the end of the meeting , the Board chairman submitted a copy of GCCAO  strategic plan to H.E. The Secretary General.

 

Previously, the ex - Secretary General Jameel Bin Ibrahim Al – Hejailan has met the Board of Directrs on May 21,2001, during its first session.

 

He also emphasized the importance of the organizations, particularly when considering the current complexity of economic relations. He considered the existence of GCCAAO as being very necessary  to protect public interest in both private and public sector. He appraised the supreme Council Resolution under which the organization is established and expressed that the Secretariat General is ready to support any vision that may be considered by GCCAAO to realize its objectives and shall adopt the decisions taken by the Board in this regard. He called for communicating with competent authorities in member countries, so as to overcome any difficulties that may face the progress of the organization.

Establishment of the Organization

 

 

General Assembly meeting on May, 2001

 

Within the frame of cooperative work among GCC Countries, attention was given to the accounting and auditing profession. On 1982 the GCC Supreme Council agreed to open the door for GCC professionals to practice certain professions, including accounting and auditing, within GCC Countries, provided that registration and  license is obtained similar to that required for their counterparts in the hosting country. This was followed by diligent studies, including :

·        The Ministry of Commerce in Saudi Arabia submitted to the Commerce Cooperation Committee, during its third meeting on July, 1984, the results of its work on  the development  of  the  profession which  included "the objectives and

 

 

      concepts of financial accounting, the standard of presentation and general disclosure, auditing standards, internal structure rules and bylaws". A committee consisting of specialists from member countries was formed to study those products.

·        In its ninth meeting held in Riyadh in July 1987, the Commerce cooperation Committee approved, for guidance, the regulations (law) for CPAs registration and licensing.

·        A committee from member countries was formed to study the decision taken by the Commerce Cooperation Committee during its tenth meeting held in December, 1987, approving the proposal submitted by the committee assigned for studying the accounting and auditing standards which requires the development of the profession to go as follow :

1.  Determination of objectives.

2.  Identification of concepts.

3.  Studying accounting standards.

4.  Studying auditing standards.

5. Establishing unified organization rules and bylaws for the accounting and auditing profession in GCC Countries.

·        As a result of the encouragement by the GCC Secretariat General, a constituent Committee encompassing prominent practitioners and academics from the citizens of GCC Countries was formed to provide advice and propose any matter that may

 

 

 

enhance the profession. In March , 1990 the Committee started its efforts and held many meeting with representatives of ministries of commerce in GCC Countries. As a result all parties became convinced of the significance of the objectives of the profession and it has been agreed that a professional organization is to be established under the supervision of the commerce cooperation committee "Ministers of Commerce in member Countries". Then a proposed constitution was prepared for GCCAAO.

 

On September 14,1998 the Commerce Cooperation Committee approved the proposed constitution and raised it to the Supreme Council.

 

 

as adopted by the GCC Council. The Constitution identified the objectives, duties and membership of the organization and that it consists of General Assembly, Board of Directors and Executive staff. It also identified the technical Committees emerging from the Board of Directors, financing and resources.