Financial transparency vital says Premier

MANAMA: The Premier yesterday stressed the vital role of transparency in strengthening Bahrain’s role as an important financial and banking centre in the region.

His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa stressed the government’s support for audit firms, out of its belief in professional transparency and disclosure as well as its keenness to adopt international accounting standards.

The Premier also praised the role played by the private sector and accounting firms in co-operating with ministries and government entities.

The Prime Minister was speaking while receiving KPMG International chairman Bill Thomas, who is visiting the kingdom to attend the annual conference of KPMG’s Middle East and South Asia Partners, and KPMG’s celebrations of its 50 years in Bahrain.

Praising KPMG International for its support for business, the Prime Minister welcomed the holding of the annual conference of KPMG’s Middle East and South Asia Partners in Bahrain.

This embodies the distinguished position the kingdom enjoys among specialised international companies, he said.

He highlighted the importance of international conferences in providing platforms to exchange expertise in accounting and financial auditing, which is necessary for countries to assess the integrity of their development.

The Premier underlined Bahrain’s talented workforce which has contributed significantly to consolidating the kingdom’s role as a financial centre and its status as a pioneering regional banking hub.

Mr Thomas said KPMG has, for 50 years, received support from Bahrain, which helped it to achieve great success.

Source: http://www.gdnonline.com/Details/429906