IMC can handle the Corporate Secretarial functions of the company as outlined in the law. It involves periodic conducting of statutory meeting, preparing minutes as per the requirements and filing with the appropriate government monitoring agencies. We can advise on the systems and procedures to be followed. These are required either because of the local laws or to comply with overseas requirements if the company is a global company. IMC has been operating in GCC for over 10 years.
Auditors, as in the case of other businesses, are licensed to operate by the Ministry of Industry and Commerce through the commercial registration system. Legislative Decree No: 7 of 1974 regulate the auditing and accounting profession. All quoted companies, banks, insurance companies and limited liability companies are required to have their financial statements audited and must provide a copy to the Ministry of Industry and Commerce. The QCB has the right to approve the appointment of auditors by the bank’s shareholders.
The Auditor’s Report must be read out in the annual general meeting, and must affirm that:
- The financial statements and the financial information contained in the Report of the Directors, are in accordance with the books and records of the company and that proper books of accounts have been kept.
- Stocktaking (where applicable) has been conducted in accordance with recognized procedures. The company has complied with the provisions of the Commercial Companies Law and with its articles of association in all material respects.
- Dividends proposed by the board of directors of financial institutions must be approved in advance by the QCB and then by a majority of shareholders in the annual general meeting.
Audit and Accounting Practices
There is no officially recognized body of auditing and accounting standards in Qatar, although certain specific accounting policies are laid down by the QCB, for example, in its annual circular to banks and money changers. The Insurance Law also stipulates certain accounting practices. The Ministry of Industry and Commerce requires all accounting firms licensed to practice in Qatar to adopt International Standards on Auditing and International Accounting Standards in performing their work. However, there will continue to be issues which are not addressed, or require amplification, and in these circumstances, reference will probably continue to be made to the US and UK authoritative statements, guidelines and exposure drafts.
Details of Secretarial Services covered