ASCA-Ramallah and PACPA Hold the 2nd Conference on Quality Assurance of Performance

with the National Authority Institutions


RAMALLAH -------- January 2, 2012 ----------- The Arab Society of Certified Accountants (ASCA) in Ramallah held the second conference on quality assurance entitle "Towards Quality Assurance of Performance with the Institutions of the National Authority" organized by the Palestinian Association of Certified Public Accountants (PACPA) and ASCA in cooperation with Talal Abu-Ghazaleh & Co. International.

Participants called for the development of audit mechanisms in place to improve quality, the organization of awareness workshops devoted to promoting the importance of implementing International Financial Reporting Standards “IFRS" by banks and companies listed in the Palestinian stock market, and to financial reporting standards for small and medium-sized companies not included in the market.

Participants stressed the importance of adherence and commitment to any decisions or rules issued by the International Federation of Chartered Accountants (IFAC) standards, calling on PACPA to adopt rules or a code on professional conduct and the International Auditing Standards issued by the Federation, and to comply with the standards of disclosure in accordance with these standards.

They also urged and encouraged auditors to establish specialized auditing companies to benefit from available expertise, and called for the adoption of “Governance Code in NGOs Communities” issued by the National Governance Committee, and the adoption of a “Corporate Governance Code” similar to what’s implemented by the Palestine Capital Market Authority as well as the organization of training workshops and seminars to enhance and reinforce communication and interaction with all regulatory authorities.

At the end of their second conference, participants called for the convocation of a third conference to be held at an international level mid next year.

A statement issued by the conference stated that, “In light of the financial crisis, the National Authority is facing due to its determination to go ahead with the establishment of an independent state, the conference draws the attention of auditors to the need for intensified efforts that support the State Treasury, by speeding up the conclusion of tax clearances, and the necessity to keep clearing bills and customs declarations as well as their immediate delivery to the competent authorities”.

Palestine Monetary Authority Governor Dr. Jihad Al-Wazir said that he is determined to apply international practices in the control and monitoring of banks, and to lay foundations for good governance through the application of the Monetary Authority law

and the banks’ law provisions as well as the relevant instructions issued .He added that the Monetary Authority has set a precedence in preparing the first “Guide on Governance” in Palestine, that includes all rules and best practices for banking governance which will subsequently ensure compliance with the basic principles and standards of Organization for Economic Cooperation and Development (OECD) and the Basel Committee on Banking Supervision.

Moreover, Ms. Mona Al-Masri, Secretary General of the Ministry of Finance, emphasized that no one will be allowed to practice the profession of a legal /chartered auditor unless he/she is eligible and meets required qualifications and conditions already set to maintain rules and principles designed to ensure that only those qualified would practice such a career and shoulder such a huge responsibility, which is actually a social responsibility, and to guarantee the application of the International Accounting Standards by all auditors.

On the other hand, Ms. Abeer Odeh, Chair of the Capital Market Authority highlighted the very complex situations faced at the international, regional and local levels, pointing out Israelis’ freezing of tax funds’ transfer to the National Authority, she also said that the other securities and regulatory bodies were the first to develop necessary regulatory laws to establish work on sound and solid basis, and to ensure fulfilling the disclosure requirements, particularly in connection with companies listed on the Palestine Stock Exchange .

Meanwhile, Mr. Akram Hassouna, PACPA President said: "The convening of the conference comes within the framework of economic and political conferences that are being held in Palestine, and that call for living up and responding to challenges ahead in the coming phase in light of the prevalence of very difficult and complex economic conditions."

He added that: " A grant has been allocated by the World Bank that is aimed to achieve two main purposes: 1) the development of a licensing mechanism at the Profession’s Council, and 2) the development of a procedural manual for auditing offices to ensure quality control of auditors’ performance in accordance with International Accounting Standards for Financial Reporting and International Auditing Standards."

On the other hand, Mr. Jamal Abu-Bakar, Acting President of the Financial and Management Control Bureau, stressed that all institutions of the National Authority are subject to control by the Bureau, noting that its role in ensuring national integrity is essential, given the fact that it promotes and supports accountability through audit and evaluation.

Mr. Jamal Melhem, Executive Director of Talal Abu-Ghazaleh & Co. International/Ramallah Office, Vice-Chairman of PACPA and ASCA Representative in Ramallah, reviewed the history of the Arab Society and its contribution to the development of the accounting profession in the Arab world and underlined the international membership of the Society and its publications as well as its organization of periodic exams - as part of its teaching curricula- for those wishing to obtain the title of “Arab Certified Professional Accountant” , and he has also announced the launch of the “Arab Certified Management Accountant (ACMA) by the Society.