- July 7, 2020
- Posted by: kgrnaudit
- Category: audit
Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai and the Prime Minister of UAE, issued Law No.4 of 2018 regarding the initiation of Financial Audit Authority (FAA). Moreover, the Financial Audit Authority in Dubai is responsible for auditing the public funds and in combating all forms of corruption.
What is the Financial Audit Authority?
The financial audit authority is a public organization, whose main responsibility is controlling the public funds by maintaining transparency & integrity. The FAA’s main purpose is, however, to ensure no one misuses their authority or power. Moreover, it plays a major role in combating all forms of corruption and similar offences. The FAA also ensures all the actions of the Auditees are in compliance with the legislation of UAE.
Role of the Financial Audit Authority:
- Firstly, the FAA is responsible for investigating any financial or administrative irregularities identified in the sectors and organizations under its control.
- Secondly, the FAA plays an important role in identifying the reasons behind such irregularities and taking suitable steps.
- The Financial Audit Authority in Dubai is also tasked with substantiating complaints and verifying data and information about financial exploitation committed in entities under its control.
- The auditors provide financial and accounting assistance to entities under the FAA’s control and ensure that the entities comply with the legislation of UAE.
- FAA in Dubai also supervises the collection and calculation of the financial revenues, public revenues and the returns of various entities including the banking sector.
- It also holds the task of overseeing the collection of revenues obtained from fines for violations. As well as reviewing the work processes and identifying loopholes that have led to the violations, and finding ways of tackling them.
- The FAA in Dubai also takes part in reviewing the General Final Account of the government and prepares reports.
- The main responsibility of the FAA is to promote the principles of transparency and integrity among the entities of Dubai.
- The FAA also has the responsibility of monitoring and reviewing various control systems, ensuring the safety of procedures, identifying limitations and recommending ways to tackle them.
Benefits of FAA:
- Firstly, with the advent of the FAA, the procedures involved with the collection and calculation of revenues and public funds have become more transparent.
- Secondly, the FAA has been able to come up with innovative ideas and formulas to improve the revenue income of the entities of the Emirates.
- Thirdly, the rate of violations and irregularities has been drastically reduced.
- The FAA has also provided a direct channel for customers of the authorities to file complaints related to financial violations.
- The effect of control systems has become more efficient, thanks to the Financial Audit Authorities in Dubai.
How can I get employed under the FAA?
The HR department of the Financial Audit Authority in Dubai is, however, very keen on recruiting professionals to work with them on the journey of becoming a World-class accountability organization that supports the vision of Dubai.
Frequently Asked Questions:
1. When was the FAA found?
The Financial Audit Authority was established in the year 2018, according to Law No. (4) of 2018.
2. What is the organizational structure of the FAA?
The FAA has the following levels:
- The Chairman
- The Director-General
- The Executive body
3. What are the auditing works done by the FAA?
- Financial and compliance audit
- Performance audit
- Auditing of the audit systems
- Auditing the efficiency and effectiveness of the audit systems.