Audit firms in Qatar are guided by a number of regulatory standards and frameworks to ensure the quality and integrity of their audit practices. These include local regulations, international standards, and specific requirements set by Qatari authorities. Key regulatory standards and frameworks include:
Qatar Financial Markets Authority (QFMA) Regulations:
- The QFMA oversees the regulation of financial markets in Qatar and sets requirements for auditing firms auditing publicly traded companies.
- The QFMA regulations cover various aspects of auditing, including auditor independence, audit quality, and reporting standards.
Qatar Central Bank (QCB) Regulations:
- The QCB regulates financial institutions, including banks and insurance companies, and sets specific auditing requirements for these entities.
- Auditors of financial institutions are required to comply with the QCB's standards for audit quality and reporting.
Ministry of Commerce and Industry (MOCI):
- The MOCI oversees the registration and licensing of audit firms in Qatar.
- It enforces compliance with commercial company law and other relevant regulations governing corporate governance and financial reporting.
International Standards on Auditing (ISA):
- Audit firms in Qatar are required to comply with the ISAs issued by the International Auditing and Assurance Standards Board (IAASB).
- The ISAs provide a comprehensive framework for conducting audits of financial statements, ensuring consistency and quality in auditing practices.
International Financial Reporting Standards (IFRS):
- Auditors in Qatar are expected to ensure that financial statements are prepared in accordance with IFRS.
- IFRS standards are set by the International Accounting Standards Board (IASB) and provide guidelines for financial reporting that enhance transparency and comparability.
Ethical Standards:
- Audit firms must comply with the Code of Conduct for Professional Accountants issued by the International Ethical Standards Board for Accountants (IESBA).
- This code includes the principles of honesty, objectivity, professional competence, confidentiality, and professional behavior.
Local professional bodies:
- The Qatar Association of Certified Public Accountants (QCPA) is a local professional body that provides guidance and standards for accounting and auditing professionals in Qatar.
- The QCPA works to enhance the professional development and ethical standards of its members. These regulatory standards ensure that audit firms in Qatar maintain high levels of professionalism, integrity and quality in their audit practices, thereby enhancing confidence in financial reporting and corporate governance.
