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5 July 2009 — Appointment of DFSA's Paul Koster to Key International Accounting Standard Setters

At its meeting last week the Public Interest Oversight Board approved the appointment of Mr Paul Koster, Chief Executive of the Dubai Financial Services Authority (DFSA) as a member of an influential advisory board of two key international accounting bodies, the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board of Accountants (IESBA).

While the IAASB is responsible for setting standards for auditing, review, other assurance, quality control and related services, and facilitating the convergence of national and international standards; the IESBA is responsible for setting ethical standards and providing guidance for the accounting profession

Recognising that the Gulf states were not represented on these boards, the chairmen of the IAASB and the IESBA invited the DFSA and the Emirates Securities and Commodities Authority (SCA) to join the advisory groups as the Gulf States Regulatory Authorities. As a result, Mr Koster and SCA's Director of Research & Awareness, Dr Obaid Saif Hamad Al Zaabi, will represent their respective authorities on the consultative advisory groups for a renewable three year term.

Mr Paul Koster, Chief Executive of the DFSA said, "The role of the accounting and auditing standard setters is a critical one, and it is important for regulators, especially in the current environment, to be closely involved in the evolving standards for auditing. I welcome the opportunity to participate in and contribute, with my SCA colleague, to the work of these two advisory groups."