“THE OBLIGATIONS OF THE AUDITOR UNDER UAE AND EGYPTIAN LEGISLATION: A COMPARATIVE ANALYTICAL STUDY”

Abstract

It is worth noting that the auditor occupies one of the most significant legal positions in the operation of commercial companies in general, and capital companies in particular. The importance of this role stems from the auditor’s responsibility for monitoring and auditing the company’s financial matters in accordance with the principles of impartiality, transparency, and confidentiality. For this reason, legislators have imposed a number of essential obligations that cannot be disregarded, as they are necessary for the proper fulfilment of the auditor’s duties. These obligations are regulated under commercial company laws as well as legislation governing auditing and accounting.

Despite such regulation, a key issue arises: whether the legislator has overlooked certain obligations that are applied in practice, in addition to other related challenges. This study therefore examines the full scope of the auditor’s obligations, whether under the Commercial Companies Law, the auditing and accounting legislation, or in relation to corporate governance rules and the extent of compliance with them.

Through the application of a comparative analytical methodology, the study reached several important findings and recommendations. Chief among these is the absence of legislative provisions regulating the auditor’s duty to comply with corporate governance rules. Furthermore, the UAE Law on the Regulation of the Auditing Profession lacks provisions on the rules, standards, and principles that constitute the foundations of the auditing profession—an omission that we hope legislators will address in future reforms.