September 2008
West Asia & Africa Region

AGN’s WAA Region Evolving

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A new website, a new interim regional chair and better communication among members are just a few of the changes occurring in this region.  All of the following information was reported in a brand new electronic regional update at the end of June.

Website: www.agn-waa.org

 

 

Acting Chair:
Sunil Abeyratna of Abeyratna & Co (Sri Lanka) has accepted the position of Acting Chair of the Region until the 2008 Re-gional meeting scheduled for Damascus, Syria in November.

  • • Fellow Institute of Chartered Accountants of Sri Lanka – FCA
  • Fellow Chartered Institute of management Accountants UK – FCMA
  • Fellow Institute of Certified Management Accountants – Australia - CMA
  • Fellow Institute of Certified Management Accounts of Sri Lanka - FSCMA
  • Educated at St. Joseph’s College – Colombo – A leading Catholic school
  • Articled at M/s. Ernst & Young in Colombo (earlier M/s. Turquand & Youngs)
  • Employed at a few leading companies including Capital Maharaja Ltd
  • Presently on the Board of many PLC companies,including:
    • Colombo Fort Land & Building
    • Colombo Fort Investments Ltd
    • Muller & Phipps Ltd
    • Kotagala Plantations Ltd
    • Agarapatana Plantations Ltd
    • Marawila Resorts Ltd
    • Served in many Government Committees including in helping in the Establishment of the Ministry of Rehabilitation & Reconstruction.
  • Represented College in Cricket & Athletics
  • President of the Mercantile Cricket Association - the largest Cricket Association in Sri Lanka represented by majority of the Public and Private Companies.
  • Served many a times as an Executive member of the Board of Control for Cricket (including the World Cup Winning Year)

Contact:
Abeyratna & Co
Phone: (+94 11) 2326 754
Fax:(+94 11) 2326 754
E-mail: enomal@sltnet.lk

Current WAA regional Board of Directors:
Sunil Abeyratna
Jawad Rasrumani
Sushas Deshpande
Hussain Al Qurtas
Olusola Oyetayo
Tawfiq Al-Swailem
Nicholas Blake

Until such time as a Secretariat is set up within the region itself, the Board will be assisted in the administration of the region by the AGN International Executive Office in London. The Regional Secretariat will shortly be working very closely with both the Acting Chair and Hanadi Yassin, the Contact Partner of ASAS Business Consultancy, our member firm in Damascus, on the 2008 WAA regional meeting to be held November 21 and 22.

Other information
A number of WAA member firms have not yet paid their 2008 regional subscriptions; please do so, as part of the discussions at the November Regional meeting will be the creation of a budget for 2009 activities.

With all the evolution occurring in the Region, please pass any comments you may have on the changes (structure and contents of the Update, the website, etc.) to the Regional Secretariat.

 

New Members

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SOUTH AFRICA
McMURRAY ALDUM INC.
883 Vlakhaas Street
Constantia Kloof
Roodepoort 1709
P.O. Box 3338, Florida 1710,
Johannesburg 2000
South Africa
Tel: (+27 11) 675 0555/6/7
Fax: (+27 11) 675 0580
URL: www.auditor.co.za
Contact Partner: Iain McMurray
E-Mail: ian.mcmurray@auditor.co.za

The firm was founded in 1997 and employs 28, comprising of 2 partners, 22 professionals and 4 admin. staff. Located in Roodepoort (Johannes-burg), the firm provides audit, accounting, taxation and consultancy work.

 
Member News

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Ms Shams Al Baharna attends GCC 3rd Forum of Accounting and Auditing- Doha-Qatar

The GCC Accounting and Auditing Organization (GCCAAO) organized its third Forum of Accounting and Auditing firms in Doha, Qatar, in May 7- 8, under the patronage of H.E. Yousif Kamal the Minister of Finance in the State of Qatar.

The event was attended by approximately 300 partners, CPAs, and CEOs to discuss over two days the current issues related to the profession of Accounting & Auditing, such as fraud risk management, the role of internal control in increasing confidence in financial reporting, corporate governance, the role of the IFAC in strengthening the accounting profession and value added internal auditing.

The Key Objectives of GCC Accounting & Auditing Organization
1 Prepare, review, develop, and approve professional standards, particularly accounting and auditing standards and codes of ethics and professional conduct, taking in consideration in the international standards and experience of countries and professional organizations.

2 Develop and unify the means followed in organizing the profession including proposals for amending, developing and unifying existing laws and rules regulating the profession, and procedures followed to obtain practicing licenses.

3  Establish necessary rules for fellowship examination and conducting it, provided such rules cover professional, practical and theoretical aspects of accounting and auditing profession.

4  Promote the standard of professional performance, prepare and conduct CPE programs related to the profession.

5  Establish an appropriate quality review program, follow-up and evaluate professional performance.

No other representative from AGN was present.  For the future, AGN members firms in the GCC region should seriously consider sending a representative to this very important and prestigious conference.


As part of a visit to the Middle East region, Nick Blake, the Chief Executive Officer of AGN International Ltd, visited with our current member firms in both Al Mezan Bureau, Bahrain and Middle East Auditing, Kuwait.
Regional Membership Recruiting Activities

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Following the submission of an application form, the International Board reviewed and unanimously approved a pre-admission peer review to be undertaken on a prospective member firm in Cairo, Egypt at the end of June by Jawad Rasrumani and Shams Al Baharna, of Al Mezan Bureau, our member firm in Bahrain.
This firm was a member of another international accounting organization until late last year and as such not only undertakes a substantial amount of international work, but is also the provider of such work. It is a 4 partner, 55 person firm with two offices in the city of Cairo.

In respect of the United Arab Emirates, Nick Blake visited there at the beginning of April and met with four accounting firms that had expressed interest in joining AGN following the departure of the MAK organization.
After detailed discussions with these firms, one was invited to submit an application form, which has now been received and the International Board of Directors has approved a pre-admission peer review.

This firm currently has offices in three Emirates (Abu Dhabi, Dubai and Sharjah) and is planning to open a further two by the end of the year. It is currently part of another larger international organization and, upon appointment by AGN as its member in the UAE, will be leaving that organization. It provides a full range of accounting services including audit as well as providing a forensic accounting/expert witness resource and is in the process of starting up an arbitration service. It has already provided services to current AGN member firms clients and the feedback from those clients has been very positive.

In addition, another application form has been received from a substantial consulting operation in the UAE; this is currently being considered and hopefully passed onto the International Board for approval for a pre-admission peer review to be undertaken.

In respect of professional services in Kuwait, the International Executive Office in London received an expression of interest from a consulting operation based in Kuwait City. During his travels in April, Nick Blake met with them and following this meeting, an introduction was made to the Managing Partner of our current member firm in Kuwait – Hussain Al-Qurtas of Middle East Auditing -- and this has resulted in serious discussions between the two parties in setting up a joint consulting operation.

 

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