Attention began to accounting and auditing profession in the framework of joint work between the Gulf Cooperation Council, and approved of the Supreme Council in 1982 to open up registration and licensing door to the owners of a number of professions, including accounting and auditing profession, and let them exercising, subject to the registration and licensing wanted usually those who assimilated citizens of the Member State host. This was followed by serious studies of the development of the profession of the most important:
Provide the Ministry of Commerce, Saudi Arabia, the results of its work on the development of the profession, which included: financial accounting goals, and concepts, standard display public disclosure and auditing standards, and the internal organization of the profession, which holds the development, the Commission on trade cooperation during the third meeting in July 1984. A committee of specialists from the GCC countries to study those products.
An invitation to a technical committee to study accounting and auditing stomach draft standards by the Ministry of Commerce in Saudi Arabia based on a decision of the Trade Cooperation Committee at its sixth meeting in September 1986 invited the Commission proposed to be dealt with development of the profession, according to the method of setting goals, the definition of concepts, the study of accounting standards, the study criteria review, and establishing uniform rules for the internal organization of the profession. And what appeared to the General Secretariat of the Gulf Cooperation Council can not be the possibility of implementing this program through this committee, I saw that this step must be performed by accountants and auditors (practitioners and academics), a fortiori.
The adoption of the draft rules of a uniform code for the registration and licensing made by the Secretariat after study and survey the laws and regulations of registration and licensing of Accountants and Auditors Chartered in the Member States, at the ninth meeting of the Trade Cooperation Committee, which was held in Riyadh in July 1987, that the system is (the law) a pilot.
The formation of a committee of the GCC countries to study the decision of the Trade Cooperation Committee at its tenth meeting, held in December 1987, of the approval of the proposal of the committee charged with studying accounting and auditing standards, of taking the development of the profession according to the following methodology: (1) determine the goals, (2) the definition of concepts, (3) the study of accounting standards, (4) the study of auditing standards, (5) development of uniform rules of procedure of the regulation of the profession of accounting and auditing of the Gulf cooperation Council.
The formation of a founding committee with the encouragement of the General Secretariat of the Council of Cooperation of the elite practitioners and academics from the GCC citizens to act collectively volunteer, to make a proposal to everything that would promote the profession, and those enrolled in the Constituent Committee in March 1990, the Committee met several times with representatives of the Ministries of Commerce states Members cooperation Council. Based on the conviction of the importance of the goals of the profession, it was agreed to establish a technical professional body under the supervision of a committee of trade cooperation, "Minister of Commerce Member States" was the draft statute of the Accounting and Auditing of the Gulf Cooperation Council prepared.
Approval of the Trade Cooperation Committee on September 15, 1998 on the draft statute of the Commission, and the project was submitted to the shrine of the Supreme Council of the Cooperation Council, Vsdrt leaders approval in the nineteenth summit, held in Abu Dhabi in the United Arab Emirates in December 1998 on this project, and passed the statute of the Commission Accounting and auditing Organization for the cooperation Council for the Arab Gulf States. According to the system that the character of a corporate body, an independent budget and enjoy the immunities and privileges in accordance with established practice in the Cooperation Council for the Arab States of the Gulf. System and select the objectives, functions and membership in the body, and it consists of a general assembly and board of directors and a CEO. Also identified emanating from the Board of Directors as well as the financial resources of the body and the technical committees.
Commission conduct business began to invite the Secretariat in May 2001 to hold the first meeting of the General Assembly in Riyadh in implementation of the decision of the Supreme Council on the first session, and decided the General Assembly choose Saudi Arabia, Riyadh-based body, were also members of the Board of Directors election, for the first cycle, four-year term from among the representatives of Member States in the General Assembly by categories defined by statute, every state Vtmthelt three members with a representative of the General Secretariat of the cooperation Council for the total members of nineteen members.
The Board of Directors held its first meeting after the General Assembly held directly in May 2001 and elected HE Mr. / Abdul Aziz Rashid bin Ibrahim Al-Rashed from Saudi Arabia, chairman of the council, also elected Dr. / Jassim Mohammed Al-Mudhaf of Kuwait as Vice-President, the Council asked the professor / Mind manipulator objection to the General Secretariat of the Gulf cooperation Council attaches coordinator and Governing Council decision tasks.