The following terms shall have the meanings assigned to them next to each:
1- Authority: The Accounting and Auditing Authority for the GCC countries.
2- Cooperation Council: The Cooperation Council for the GCC countries.
3- Member States: The GCC countries.
4- Member State: A member state in the Cooperation Council.
5- Bylaw: The Bylaw of the Accounting and Auditing Authority for the GCC countries.
6- General Assembly: The General Assembly of the Accounting and Auditing Authority for the GCC countries.
7- Board of Directors: The Board of Directors of the Accounting and Auditing Authority for the GCC countries.
8- Executive Body: The Executive Body of the Accounting and Auditing Authority for the GCC countries.
9- Executive Director: The Executive Director of the Accounting and Auditing Authority for the GCC countries.

In accordance with this law, a professional body shall be established called (The Accounting and Auditing Organization for the GCC countries), headquartered in the city of ......... in the state of ................, and it may have branches in the member states according to the regulations approved by the Board of Directors.

The authority has a legal personality and an independent budget, and enjoys the immunities and privileges in accordance with what is practiced in the Gulf Cooperation Council countries. Additionally, the employees working for it enjoy the facilities and privileges for carrying out the authority's work.

The Commercial Cooperation Committee of the Gulf Cooperation Council shall oversee the Authority through periodic reports submitted to it by the Board of Directors of the Authority.

The Authority aims to undertake all that is necessary to organize and develop the profession of accounting and auditing in the Gulf Cooperation Council countries and to achieve coordination and integration among them and it specifically has the following:
1- Reviewing, developing, preparing, and approving professional standards; particularly accounting and auditing standards and regulations.
2- Developing and unifying means of organizing the profession, including proposing amendments, developments, and unifications of the regulations and laws governing it and the procedures for licensing its practice.
3- Establishing the necessary rules for the examination of the fellowship certificate and implementing it, including the professional, practical, and scientific aspects of the accounting and auditing profession.
4- Enhancing the level of professional performance and preparing and implementing a continuing education program related to the profession.
5- Establishing the appropriate organization for field supervision of the performance of certified accountants and monitoring and evaluating professional performance.
6- Preparing and encouraging research, studies, translations, and the issuance of books, periodicals, and publications related to the accounting and auditing profession and its related fields, enriching accounting thought scientifically and professionally.
7- Coordinating between associations and entities concerned with the development of the accounting and auditing profession and practicing accountants and working to support and develop them.
8- Unifying accounting and regulatory terminology.

The decisions of the authority regarding professional standards and rules shall not take effect until they are approved by the competent authorities in the member states.

The Authority shall take all necessary measures to assist it in achieving its objectives, and it shall, in particular, have the following:
1- Forming specialized committees, whether permanent or temporary, to study a specific subject or subjects.
2- Seeking assistance from associations or relevant entities in member states or outside them.
3- Engaging experts and specialists.
4- Establishing a specialized institute for the training of accountants and auditors, and a center for information.
5- Holding conferences and workshops.
6- Joining regional and international professional associations and bodies and cooperating with them in all matters that would develop the profession.

The members of the authority are:
1- Core members, who are the members of the general assembly of the authority referred to in paragraphs 1, 2, 3, 4, 5, and 6 of Article (10) of this Law.
2- Associate members, which are the accountants and licensed auditors authorized to practice the profession in the countries of the Council and those whom the Board of Directors of the authority deems appropriate for membership.
3- Observing members, who are those accepted by the Board of Directors of the authority.

The authority consists of:
1- The General Assembly.
2- The Board of Directors.
3- The Executive Body.