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    Country by Country Financial Reporting and Auditing Framework

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    Qatar – Horwath Qatar (Adib Al Chaa & Co) (Prepared March 2015)

    Preparation and Filing of Statutory Financial Statements

    Companies in Qatar including Public Listed Companies, Limited Liability Companies, Private Shareholding Companies and Limited Partnership Companies registered in Qatar are required to prepare annual financial statements and file these with Ministry of Economy and Commerce, their regulatory bodies and the Concerned Authority.

     

    The managers of Public Listed Companies, Limited Liability Companies, Private Shareholding Companies and Limited Partnership Companies are required to prepare their financial statements within two months from the end of the financial year.

     

    The managers are also required to file the financial statements together with the auditor's report to the Ministry of Economy and Commerce within one month of preparing the report.

     

    All companies are required to prepare full financial statements including the balance sheet, profit and loss account and other explanatory notes, report on the activity of the company and suggestions regarding the distribution of profits as required by the commercial company law.

     

    Financial Reporting Framework

     

    All the companies in Qatar are required to prepare their financial statements in accordance with the accounting principles approved internationally. In the absence of national accounting principles and practices, the Ministry of Economy and Commerce accepts financial reports prepared according to standards promulgated by the International Accounting Standards Board (IASB). The majority of companies prepare their financial reports in accordance with International Financial Reporting standards (IFRS).

     

    The Public Listed Companies' financial reports must comply with International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS).

     

    Audit Requirements for Companies Registered in Qatar.

    In Qatar the following form of companies must have an audit:

    • Public Listed companies
    • Limited liability companies
    • Limited Partnership Company
    • Private Shareholding Company
    • Holding companies
    • Joint Companies

    All Public Listed Companies shall have an annual and semi- annual audit. Most companies with foreign shareholders carry out an annual audit, especially for the purpose of tax declaration. Most 100% Qatari-owned companies do not carry out an audit of their annual accounts unless the shareholders ask for one or there are requirements by other third parties (for example, banks and other regulatory bodies) or to meet any other specific requirement.


     

    Auditor's Appointment, Rotation and Joint Audits

    Auditors in Qatar are appointed for a fixed period of one year and can continue as the auditor of the company after the first year subject to approval of the shareholders in the general assembly meeting.

     

    Qatar does not currently have any rules relating to mandatory rotation of audit firms except for Public Listed Companies which should not exceed five consecutive years and Banks and Financial institutions which should not exceed three consecutive years.

     

    Auditing Standards

    Horwath Qatar (Adib Al Chaa & Co Chartered Accountants), a member firm of Crowe Horwath International, is required to undertake its audit and express an opinion on the financial statements in accordance with applicable laws of the country, Qatar law regulating the auditors' profession and the International Standards on Auditing.

    Ethical Framework

    There are no ethical standards specifically issued for Qatar. All the practicing partners and senior members of staff in Horwath Qatar are members of different professional bodies including ACCA, PICPA, ICAI and other professional bodies which have their own ethical requirements for the members to follow.

    Audit Regulation

    Horwath Qatar is subject to the following external and internal monitoring processes with regard to their audit practice:

    External Monitoring

    Audit firms within Qatar are subject to the supervisory review of the ministry of economy and commerce.

    Internal Monitoring

    We conduct an annual Quality Assurance Review (QAR), led by a qualified Quality Control reviewer (QCR) who is completely independent of the audit.

    Transparency Report

    There are no transparency reporting requirements in Qatar.



    Contact Us
    David Chitty - Audit
    London, United Kingdom
    +44 20.7842.7292


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