Dubai: The Abu Dhabi Accountability Authority (ADAA) has revealed details of its year-long approach to strengthen the safeguarding of public funds and upscaling the emirate’s standing as a safe investment haven.
Since the issuance of Law No 19 of 2020 last year, ADDA has implemented 19 initiatives to enhance the monitoring of public finances, strengthen integrity, transparency, accountability and governance across its mandated entities.
Out of the 19 initiatives, 10 fortified audit processes and standards across its mandated entities, four entities boosted efforts to improve integrity and anti-corruption, while two enhanced its external support services. The remaining three initiatives augmented the authority’s own internal efforts to foster sector-specific expertise.
“This year-long effort has set a solid foundation to accelerate sector-wide collaboration and the reframing of Abu Dhabi’s approach to future-proofing its economic diversification,” said Humaid Obaid Khalifa Obaid Abu Shabas, ADAA’s Chairman.
ADAA’s key initiatives of the past year include:
- Curation of policies governing the recruitment;
- Appointment of auditors as well as internal audit rules and standards; and
- Development and implementation of sector-wide work methodologies and audit measure mechanisms.
In addition, ADAA implemented a financial disclosure system and enhanced anti-corruption regulations including the launch of a violation reporting platform. It has also gone live with the statutory auditor platform – a web solution to enable compliance among certified auditors.
Last year, ADAA implemented global practices including the International Public Sector Accounting Standards (IPSAS) and International Financial Reporting Standards (IFRS) and attained board membership of the International Forum of Independent Audit Regulators (IFIAR).