A new law issued by Sheikh Mohammed bin Rashid, Vice President of the UAE and the Ruler of Dubai, yesterday requires all Government entities to set up an internal auditing unit as part of efforts to promote greater fiscal transparency in the emirate.
Sheikh Mohammed issued the law on Dubai Government Financial Regulation with the aim of improving “the management of public capital and Government budgets in addition to further enhancing control of the Government’s revenues, expenses and assets”, Wam reported.
The internal auditing function will “ensure correct implementation of the approved annual budget, audits financial statements and transactions”.
All Government departments must also use “smart financial and accounting systems in all their operations”. The law “promotes transparency as it obligates the Dubai Department of Finance to circulate the objectives of the government’s financial policies and procedures, publish the general budget’s key performance indicators and announce any changes in auditing procedures”. The law comes into effect following its publication in the Official Gazette.
Follow The National’s Business section on Twitter