From the Managing Partner's Desk

Following on from Enron and Worldcom, several other large corporations have announced over the past few months that they would be re-stating their prior period audited earnings figures and, consequently, the auditor's work has come under close scrutiny. Hitherto, the profession had resisted pressure from various interest groups for outside regulation, arguing forcefully that the best route to keeping the house in order was self-regulation. Realisation has now dawned on the auditing profession that there are inherent dangers in asking the fox to guard the henhouse. In the USA, the SEC Chairman has proposed the setting up of two new Boards to oversee auditors of publicly held companies and which would be made up of a majority of public members. In the UK, it is proposed to set up a Foundation, funded by the various professional bodies but which will not include any practitioners in its Board. It is expected that these measures will be implemented in varying degrees across the globe. As professionals, we welcome these proposals as positive steps on the road to restoring public confidence in the profession.

In this issue we are privileged to feature an article by Dr. Omar Bin Sulaiman, CEO, Dubai Internet City. Dr. Omar briefs us on the DIC's achievements over a relatively short period.

Kwality Ice Cream has been a leading name in ice creams for many years. Pure Ice Cream LLC, the Sharjah-based company, which makes this brand, recently completed 25 years in the Emirates. Their Director, Mr.Vikram Shroff shares with us his story and his vision for the company.

We feature an article on Business Process (Practices) Assessment, which provides management an opportunity to have a review carried out of selected business processes. There's also an article on the ISA 9000:2000 series, which has replaced the ISO 9000:1994 series. Trusts have long been a method of protecting assets. Our Free Zone and Offshore Department explores some of the terminology and uses of trusts.

In ending, I welcome all of you back, from what must have been a relaxing holiday.

M.A. RAFIK