Wednesday , July 18 2018

Workshop on developing effective internal controls on financial reporting held

Abu Dhabi / WAM

More than 350 officials responsible for monitoring and developing the internal control systems at government entities and institutions
in Abu Dhabi attended a
workshop titled, “Building Effective Internal Financial Auditing Systems”, organised by Abu Dhabi Accountability Authority (ADAA).
Representatives of the major audit firms operating in the Emirate also participated in the two-day workshop, which was held in cooperation with one of the leading international accounting and consulting firms, with the participation of international experts in evaluation and development of internal controls over financial reporting.
The workshop is part of ADAA’s efforts and strategy to develop and train UAE Nationals through a dedicated knowledge center that in the fields of audit and financial reporting.
Hamad Al Hurr Al Suwaidi, Chairman of ADAA said, “The workshop presented an ideal platform to connect and interact with the employees of ADAA’s subject entities.
“Our objective was to implement the forward-thinking vision of our leadership, which calls for embedding transparency and accountability at public institutions, in collaboration with relevant regional and international organisations , to protect national advancements and shape a prosperous and sustainable future for our country.
“The high turnout we witnessed at the workshop reflects the deep commitment from industry professionals to setting and developing best practices in internal controls,” Al Suwaidi added.
Over the course of two days, the workshop introduced participants to best practices that boost the effectiveness and ensure the transparency of reports and accountability measures, as per the requirements of ADAA Chairman’s resolution No. (1) of 2017 in relation to the Audit of Financial Statements at Subject Entities, which seeks to improve the quality of external audit services, enhance the value add of the audit results’ , and increase the effectiveness of internal controls at subject entities.

The workshop was also an ideal platform for participants to discuss the principles of internal controls, and provided them with the necessary tools and skills to ensure the financial efficiency and sustainability of each institution, while contributing towards the objectives of the Abu Dhabi Government in achieving a diversified and sustainable economy in line with Abu Dhabi 2030 Vision.

The workshop explored international regulations from different countries, whose objectives are similar to the resolution number (1) of 2017, including the United States of America, Japan, Canada and the United Kingdom. Attendees were also informed about the challenges and opportunities that faced entities in those countries while implementing the requirements of those laws.

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