The Gulf Co-operation Council Accounting and Auditing Organisation (GCCAAO) and ICAEW have signed a landmark agreement to develop an Audit Quality Monitoring Program for the GCC countries.

The agreement - the first pan-national project of its kind - was signed at a ceremony commencing the seventh GCCAAO Annual Forum.

Under the agreement, ICAEW will assist the GCCAAO in developing a world-class Audit Quality Monitoring Programme, and offer advice and support on the creation of a Gulf Monitoring Unit (GMU), to monitor the application of international standards on auditing (ISAs) in each GCC country. GCCAAO has also asked ICAEW to advise on best practice concerning recruitment, regulation and creation of a monitoring framework.

Vernon Soare, executive director, professional standards at ICAEW said that the Middle East is one of the most rapidly developing regions in the world economically, and stands at the centre of global trade and investment.

'Audit quality has a huge role to play in underpinning market confidence, through vigilance and transparency both within countries and across national borders. ICAEW applauds GCCAAO for all of its efforts to ensure the GCC countries have the highest possible audit quality - which we believe is critical to ensuring the region's continued prosperity - and is proud to be supporting their vital work,' said Soare.

Work between GCCAAO and ICAEW will occur in three phases, designing an effective framework and GMU, development and implementation, and on-going support.