A Quarterly Newsletter from the UAE and Oman member firms of the PKF International Ltd.

VOL 12, Issue 4 October 2010

From the Managing Partner’s Desk

I do hope that everyone has had a restful summer break, a peaceful Ramadan and Eid, and has come back to work with a renewed vigour and enthusiasm.

Certainly the Dubai World creditors’ agreement last month, the DIB acquisition of  a controlling interest in Tamweel, Nakheel’s resumption of ite Al Furjan project and the Dollar bond plans of Dubai should help boost investor confidence. The re-opening of Tamweel’s doors to new mortgage lending will be most welcome in the property sector when combined with substantially reduced property prices. These, together with the ripple effects into other sectors hopefully will result in an “uptick” in activity generally.

In this edition our Associate Director, Vinod Joshi, has summarised some substantial changes to most of the International Standards on Auditing, which will be effective for December 2010 year-end audits. The upshot of these changes I think will result in much more intense questioning of clients on the assumptions and estimates used in the preparation of financial statements. This will, of course, incur further audit time and documentation but is designed to further ensure that audits are more robust and that management have given more attention to financial statement presentation.

We are very pleased to have had the opportunity to interview Mr. Mohit Malhotra, CEO, Dabur International Ltd., in this edition.

We also have our usual updates in this edition from Oman and from our Offshore and Free Zone team

Please feel free to write to update@pkfuae.com if you would like to express an opinion on any matter inside.