In line with MoF’s continuous efforts to develop and apply internal audit and financial control systems in local and federal governmental authorities and to apply best global standards and practices, a delegation from Joint Internal Audit Sector at the Ministry of Finance (MoF) visited Department of Finance – Abu Dhabi (DoF). The aim of the visit was to enhance coordination between the two parties in internal audit and financial control practices, and to exchange information and experiences in their implementation.

The delegation was briefed on DoF’s distinguished experience in risk assessment, internal audit and financial control. The two parties reviewed internal audit methods and auditing elements and principles, such as objectivity and independence, in addition to the DoF methodology of determining accountability of the Internal Audit Unit to its higher board.

The MoF delegation was introduced to auditing methodologies applied by Internal Audit Unit at DoF, and they were briefed on how to prepare and update the risk management archive based on internal and external events which may occur. The visit also touched on how to evaluate these events in accordance with objectives and results.

Commenting on the visit, HE Ahmed Mahmoud Al Hammadi, Assistant Undersecretary for Joint Internal Audit Sector at MoF, confirmed the need to strengthen cooperation between MoF and DoF. He called for establishing a joint working group, which would exchange information and help disseminate knowledge.

“MoF seeks to enhance communication with various internal audit and financial control units at local and federal government authorities. The internal audit and financial control plays a vital role in ensuring the optimum utilization of financial resources and activating sustainable and balanced development in the UAE. The delegation’s visit is in line with MoF’s ongoing commitment to improve internal audit practices applied at government authorities to the level of global practices”, HE Al Hammadi concluded.
 

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