The Cabinet Okays Draft Law on Regulating Auditing Profession

The Cabinet, at its weekly meeting chaired by Prime Minister HE Sheikh Abdullah bin Nasser bin Khalifa Al Thani at Amiri Diwan yesterday morning, has approved a draft law regulating the auditing profession and decided to submit it to the Advisory Council.

The draft law proposes to replace Law No. 30 of 2004 regulating the auditing profession and update the legislation to keep pace with latest developments.

The draft law includes provisions relating to auditors’ records and conditions and procedures for registration, as well as auditors’ rights and duties.

The draft law stipulates that all those are covered under the provisions of the draft law should reconcile their status in accordance with its provisions within six months from the date of its implementation. By a decision of the minister, this period may be extended for a period or other similar periods.

The Cabinet also approved a proposal to amend some of the provisions of the Cabinet’s Decision No 32 for the year 2013 regarding the appointment of the chairman and members of the Grievance Committee at Qatar Financial Markets Authority (QFMA).

The committee headed by a chairman, who is a chief of the Court of Appeals, along with two Court of Appeals judges as well as two others having experience in the securities field as its members is competent to decide on the grievances concerning the penal decisions issued by the QFMA.

Source: Government of Qatar