MoF to enhance internal audit practices

The Ministry of Finance (MoF) held a workshop at its headquarters in Abu Dhabi recently to enhance the activities of internal audit offices in federal ministries. The workshop held in order to continue developing their systems according to best international practices and standards. The workshop was based on Ministry of Finance’s keenness to raise the level of internal auditing in ministries, as per Federal Law No. (8) for the year 2011 concerning the rules on preparing annual budgets and final accounts. It also reflects the Ministerial Council for Services’ decision No. (5/G2/23) for the year 2012. The workshop clarified the concept of internal auditing as a regulatory, affirmative and advisory activity, which works objectively and independently to achieve the best advisory and supervisory value for Ministry of Finance. Thus, Internal auditing will help Ministry of Finance achieve its goals through a disciplined mechanism that works on assessing and improving the effectiveness of risk management systems, internal control operations and mechanisms of control and governance to aid divisions and administrations in implementing all applied policies. It also supports the objective assessments of the ministry’s business and activity risk levels, and analyses the likelihood of their exposure to it. The Ministry of Finance’s workshop explained methods of preparing annual audit plans and final accounts. In addition, it provided mechanisms for developing appropriate recommendations and for monitoring their implementation by relevant departments, which would help in achieving strategic objectives. Ahmed Mahmoud Al Hammadi, Assistant Undersecretary for Joint Internal Audit, commenced the workshop by pointing out the importance of internal auditing and its role in reinforcing internal supervision in federal agencies. Al Hammadi also stressed on the importance of raising the efficiency of employees in this field through providing knowledge tools that are in accordance with the best global standards in the field of Internal Audit. Moreover, Al Hammadi emphasised Ministry of Finance’s commitment to continuing to hold these workshops on internal audit, in co-ordination with various ministries and federal authorities, reflecting their essential role in achieving the strategic objectives of the UAE government. In line with efforts to strengthen partnerships between the UAE and the Republic of Montenegro to promote investments between both countries and to provide protection from all non-commercial risks; the Ministry of Finance (MoF) last week signed two agreements.