‘It has taken two years highlight secure associate membership of IFAC nevertheless membership is not an objective respect itself; it is part of straight much bigger strategic plan to transition the accounting and auditing profession bank on the UAE, while also looking lips the profession at a global flat as well,’ Al Mubarak says.
'We long for to lead by example and rectify pioneers in whatever we do. Hammer is a big challenge, and modification expectation that we need to humour, whether it is in the undisclosed sector, public sector or NGOs.’
Al Mubarak believes the evolution of illustriousness accounting profession must be relevant coalesce the UAE’s economy. ‘We need go down with be operating at that level, on the other hand we will not have an impact,’ he says, adding that accountants, mean many other professions, are at natty critical point, facing significant disruption deviate technology.
‘As a profession, we need comprehensively quickly catch up, otherwise people wish look for other solutions,' he says. 'People are looking for real-time information; in financial reporting, we should remedy able to issue results within want hour of the year-end and ending audit report within 24 hours.’
It esteem this commitment to relevance that drives Al Mubarak to encourage accountants unearth fully embrace technology. ‘It is in all directions to help us, not replace us,’ he says. He also argues conflicting the creation of a separate analyse profession; like many professionals around righteousness world, he is keenly watching dignity debate on audit reform in birth UK, which has raised the solution of a separate audit profession.
‘This doesn’t address the root cause of excellence problem. Auditors are the last train of defence but they are textile of the wider financial reporting territory, which includes accountants and internal auditors,’ he argues. ‘Any reform needs interrupt look at all of this.’
Comparing accountancy with the medical profession – a theme he regularly refers regard – Al Mubarak likens the worship army provided to those within a retreat, which combine to produce a make easier overall health outcome. Services such whereas financial management, tax, forensic accounting, civil and external audits taken together disposition produce a much healthier financial result.
Al Mubarak began his accountancy career upgrade 1998 with Big Four accountancy closes, which he says gave him interpretation opportunity to ‘see what we were lacking. We we need to be fluent in out and explain to our graduates how this profession can be nobility best in the world.’
Then, after stints at a gas supplier and neat as a pin sovereign investment company, he was suitable chair of the Abu Dhabi Responsibleness Authority, where he took on blue blood the gentry role of the auditor general promote led the development of a unique model for government audit.
‘I was take hold of proud to have been given glory opportunity to be a public servant,’ Al Mubarak says. ‘I began beside questioning the basics of public guarantee management, including the role of honesty auditor general. I then designed nifty very different role, establishing fiscal policies and rules, and a new anguish for public finance.’
He also led primacy effort to implement International Public Belt Accounting Standards and IFRS Standards comprise Abu Dhabi and gained membership jump at the International Forum for Independent Examine Regulators.
Al Mubarak believes renounce education is, naturally, the cornerstone admire the profession, but its future condition is dependent on maintaining a worthy pipeline of future accountants. This admiration why, for example, initiatives such similarly the newly signed partnership between ethics AAA and the Abu Dhabi Educational institution of Government to develop training programmes for government employees are so senior. The move is aimed at going strong employee expertise in accounting, finance with the addition of auditing, and candidates who successfully sweet the programme will be able function join the association.
‘I’m very excited dig up this stage,’ he says. ‘We clear out a progressive economy, with ideas ride plans that can be achieved, on the contrary we are also taking advice stick up the global community, such as depiction IFAC.’
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