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

VOL 13, Issue 1 January 2011

From the Managing Partner - U.A.E.

Firstly I would like to wish everyone compliments of the season and a happy and prosperous New Year. I would also like to welcome you to the new makeover of PKF Update.

There have been recent reports of a change in the rules with respect to the length of residence visas and hence work permits and an increase in the permitted mobility of employees between companies. This will more easily allow companies to recruit from the local market rather than bearing the cost of recruiting from abroad. Conversely of course employers will need to cope with the increased mobility of their own employees.

I understand that the new rules will also allow temporary and part time work. This is a significant step forward., particularly for those of us with seasonal peaks and troughs in the work cycle. We are yet to see whether costs will increase or decline as a result but overall this must be a welcome move, bringing the market more onto line with other economies.

This continual striving for quality reflects “tone at the top” and it should pervade all sectors of the economy, audit not excluded. In this edition our Abu Dhabi partner, B.R Sudhir, reviews the International Standard on Quality Control as it relates to firms that perform audits and reviews of financial statements and other assurance and related services.

In this edition, we have privileged to have had he opportunity to interview H.E. Retd. Maj. General Abdulaziz Mohammed Al Bannai, CEO of First Security Group.

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.

GRAHAM MARTINS