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2025 ICFR Benchmark Survey for UAE insurance sector: universal ICFR adoption, third-party risk management, resource gaps, spreadsheet reliance, and practical steps for audit readiness. Data-driven insights and roadmap for resilience from Grant Thornton UAE.

IFRS 18: A New Era in Financial Reporting. We are thrilled to announce the release of our latest publication on IFRS 18, the new standard transforming financial statement presentation and disclosures. This guide provides practical insights to help businesses navigate the changes and ensures compliance.

We hosted an insightful webinar on tax governance and risk management in the evolving UAE tax landscape. Our session covered critical topics such as tax governance frameworks, strategic tax policy development, compliance and reporting, transfer pricing, and VAT procedures. Attendees had the opportunity to engage with experts during our interactive Q&A session, equipping them with the knowledge and strategies needed to navigate the complexities of the new tax era.

The National In-Country Value (ICV) Program is a UAE government initiative aimed at generating economic benefits through redirecting government procurement expenditures and those of leading national companies to the UAE economy through the industrial and services sectors. It encompasses the total amount spent within the country on manufacturing, local products and services, and other national investments.

The amendments emphasise the need for public joint stock companies to establish comprehensive internal control and risk management systems that align with global standards, particularly the COSO framework, tailored to their size, nature, and operational complexity. To learn more on what steps to take for compliance, read our report:

The ISSB was launched by the IFRS Foundation at COP26 with the aim of improving the consistency and quality of sustainability reporting across the globe, by matching the importance of sustainability reporting with the current regulations around financial reporting. To reinforce this message, the ISSB sits alongside the International Accounting Standards Board (IASB) and is overseen by the trustees of the IFRS Foundation and the Monitoring board.

The UAE Accountability Authority (UAEAA) has issued Resolution No. (154) of 2024, mandating compliance with new auditor appointment rules as outlined in Federal Law No. (56) of 2023, and Resolution No. (159) of 2024, mandating Internal Audit Rules for UAEAA subject entities. These rules, effective immediately, align closely with the standards set by the Abu Dhabi Accountability Authority (ADAA).

Our Discovery Series is an opportunity for us to give back to the community and country in which we serve, through the provision of business insights. We hope that these insights will enable and inform enhanced business performance and innovation across the UAE. The first report in our Discovery Series is Women on Audit Committees in the UAE 2024, and provides baseline data for female representation that we intend to track and benchmark across other regions and markets in subsequent reports. As a firm, we are committed to advocating for gender diversity at senior leadership levels and want to keep the spotlight on this important topic so that change and progress is being made.