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In the UAE, in cases where accounting standards are not set by the regulators, Deloitte & Touche sets its own requirements, says chief executive John Connolly.
Gulf News: What is your view of overall accounting standards in the UAE specifically, and in the GCC?
Connolly: Being an early adopter of the International Financial Reporting Standards (IFRS) is a very positive thing about this region. In the UAE, in cases where accounting standards are not set by the regulators, Deloitte sets its own requirements.
What does change in different regions is the ability to get as many resources as we would like with the skills and qualifications needed. However, Dubai offers an attractive location for ambitious people looking to join our firm and this problem is reduced.
Gulf News: Is Deloitte satisfied with corporate governance in this region?
Connolly: There is no doubt that corporate governance in many countries is not given high priority. However, in Dubai, I have noticed it is at the top of the agenda of the business leaders I have met.
In the last five years even the most sophisticated economies have changed their approach to corporate governance. This will also happen here. Company directors are really focused on this. Interestingly, the region has managed to avoid the notable corporate failures that have occurred globally.
Gulf News: What problem areas, if any, do you see in the Dubai market?
Connolly: I lived in Dubai for four years from 1977. One can't help be amazed at the scale of change that is happening. Change always brings challenges which Dubai appears well-placed to handle.
Perhaps an area where Dubai will have to grow further is in the level and number of professional skills offered. London offers a broad range of services to help support the financial industry.
Looking at the investment direction there is a clear plan for Dubai. Even though the city is much bigger there is a clear attempt to make it easier for people to live here and to do business here, helping to make the growth sustainable. There isn't the same recognition of challenges in a lot of other places.
Gulf News: What are Deloitte's plans for this year? Further expansion?
Connolly: Our Middle East practice is relatively small compared to the rest of the world with around 300 people in Dubai covering auditing, consulting and corporate finance.
We are originally an auditing firm but we now have hospitality consultants working on several large hotel transactions. In particular, we see our corporate finance and consulting businesses growing significantly over the next few years.
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