Ministry of Finance organizes a workshop on internal Audit Practices

The Ministry of Finance (MoF) recently held a workshop at its headquarters in Abu Dhabi to enhance the activities of internal audit offices in federal ministries in order to continue developing their systems according to best international practices and standards. The workshop was based on MoF’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 MoF. Thus, Internal auditing will help MoF 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 analyzes the likelihood of their exposure to it.  

The 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.

HE 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. HE 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, HE Al Hammadi emphasized MoF’s commitment to continuing to hold these workshops on internal audit, in coordination with various ministries and federal authorities, reflecting their essential role in achieving the strategic objectives of the UAE Government in preserving public funds and in achieving sustainable development objectives.