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«Securities» calls for the formation of an audit committee to oversee accounting and control

2019-08-23T22:06:54.010Z

The Securities and Commodities Authority in the UAE called on companies listed in the capital markets to prepare their financial statements in accordance with recognized international standards, with the need to have an audit committee to oversee the company's accounting, control and auditing work.


The UAE Securities and Commodities Authority (SCA) has demanded listed companies to prepare their financial statements in accordance with recognized international standards. Independent experts, and one of its members should be an expert in financial and accounting affairs.

In a recent newsletter issued by Emirates Today, the TRA explained that there are 15 tasks and responsibilities entrusted to the boards of directors of these companies. Companies have a well-established internal control system, which aims to establish an assessment of the company's risk management methods and procedures.

In detail, the UAE Securities and Commodities Authority (SCA) called on listed companies to develop a framework in accordance with the disclosure policy adopted by the Board of Directors to regulate disclosures, in accordance with regulatory requirements.

The CMA also called on listed companies to prepare their financial statements in accordance with recognized international standards. Companies should have an audit committee to supervise the accounting, control and auditing activities of the company. An expert in financial and accounting affairs.

There are 15 tasks and responsibilities of the boards of directors of listed companies:

Ensure that the corporate governance framework is in line with the Company's management strategy and effective oversight.

2. The Board of Directors shall be committed to treating all categories of shareholders equally, in case its decisions affect a group of shareholders.

3. Ensure that the Board complies with the law and legislation, taking care of the interests of the interested parties.

4. The Board of Directors shall establish the company's strategy, policies and action plans, which lead to the achievement of the company's objectives, maximize shareholders' rights, and achieve comprehensive development in society.

Follow up on measuring the efficiency of the company's practice of corporate governance rules and make adjustments when needed.

6- The company should have a well-established internal control system, which aims to establish an assessment of the means and procedures of risk management in the company, and to verify the compliance of the company and its employees with the provisions of laws, regulations and decisions in force.

7. The company should have a well-established internal control system, which aims to establish an assessment of the company's risk management methods and procedures, implement sound corporate governance rules, and ensure that the company and its employees comply with the provisions of laws, regulations and decisions.

8. Develop internal regulations for the company's financial matters.

9. Provide a transparent system for nomination and election of Board members.

10. Prepare annual, half and quarterly reports and preliminary results of the Company's activities, in accordance with the provisions of the legislation in force, provided that the date of disclosure of such data shall be announced in advance.

Oversee the disclosure policy and process and the means of communication to shareholders.

12. Establish the necessary measures to prevent insiders from exploiting confidential internal information for material or moral gains.

13. The Board of Directors shall determine and disclose the objective, composition and working procedures of the Board Committees when they are formed.

14. Set up a mechanism to receive complaints and suggestions from shareholders, including their proposals for the inclusion of certain topics on the agenda of the General Assembly, in a manner that ensures consideration and appropriate decision within a specified period of time.

15- Adopting the basis of incentives, rewards and privileges of the Board of Directors and the Executive Management, in order to help achieve the company's interest, goals and objectives.

Source: emara

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