The Audit Code of Conduct serves as a foundational document for audit firms and practitioners operating in the United Arab Emirates, establishing mandatory professional standards and ethical requirements. It is designed to ensure compliance with UAE Federal Law No. 12 of 2014 and other relevant local regulations while maintaining alignment with international audit standards. The document is essential for audit firms conducting engagements in the UAE, providing comprehensive guidance on independence, professional conduct, quality control, and reporting requirements. It addresses specific UAE regulatory considerations, including requirements for government entity audits, free zone operations, and Islamic financial institutions. The Code should be implemented by all audit firms operating in the UAE and regularly updated to reflect changes in local regulations and international standards.
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1. Purpose and Scope: Defines the purpose of the Code of Conduct and its applicability to different types of audit engagements and practitioners
2. Fundamental Principles: Outlines the core principles of integrity, objectivity, professional competence, confidentiality, and professional behavior
3. Independence Requirements: Details requirements for maintaining independence in fact and appearance, including specific UAE regulatory requirements
4. Professional Competence: Specifies required qualifications, continuing education, and professional development requirements
5. Confidentiality and Data Protection: Guidelines for handling confidential information and compliance with UAE data protection laws
6. Quality Control: Standards for maintaining quality in audit processes and documentation
7. Client and Engagement Acceptance: Procedures for evaluating and accepting new clients and engagements
8. Documentation and Record Keeping: Requirements for maintaining audit files and records in compliance with UAE regulations
9. Reporting Requirements: Guidelines for audit reporting and communication with stakeholders
10. Ethical Conflict Resolution: Procedures for addressing ethical dilemmas and conflicts of interest
11. Compliance and Enforcement: Mechanisms for monitoring compliance and handling violations of the code
1. Government Entity Audit Requirements: Additional requirements specific to audits of government entities - include when the firm performs government audits
2. Islamic Finance Considerations: Special considerations for Shariah-compliant institutions - include when the firm audits Islamic financial institutions
3. Free Zone Specific Requirements: Additional requirements for audits in UAE Free Zones - include when the firm operates in free zones
4. Group Audit Considerations: Special requirements for group audits - include when the firm performs group audits
5. Remote Audit Procedures: Guidelines for conducting remote audits - include if the firm offers remote audit services
1. Appendix A - Independence Declaration Template: Standard template for independence declarations required from audit team members
2. Appendix B - Conflict Check Procedures: Detailed procedures for performing conflict checks
3. Appendix C - Quality Control Checklists: Standard checklists for quality control reviews
4. Appendix D - Required Documentation Checklist: Checklist of required documentation for audit engagements
5. Appendix E - UAE Regulatory References: List of relevant UAE laws and regulations affecting audit practice
6. Appendix F - Ethical Decision-Making Framework: Framework for resolving ethical dilemmas
7. Appendix G - Sanctions and Disciplinary Procedures: Detailed procedures for handling code violations
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