Financial regulations strengthened through a new act in Abu Dhabi
The organization in charge of monitoring the financial transactions of companies and government bodies, The Abu Dhabi Accountability Authority, has been handed over even more power through the new law recently.
A new decree has been issued which gives ADAA a lot of influence and authority to supervise activities related to finance of both, relevant companies, and government organizations.
Before this law, it could only review the results of government-owned companies and government bodies’ finances.
Now, all officers who leave or join government bodies will have to get financial clearance through the ADAA.
The relevant authority has also been given the duty to protect witnesses and informants, to stop anyone from flagging a problem internally.
Local councils, government departments, and any projects or companies with more than 25% share of the government are all to be monitored by the ADAA.
This law will further help in the management of public funds in a more effective manner.
The law is built based on popular global standards in transparency and accounting.
Furthermore, the relevant party is supposed to clarify and explain the law’s clauses to all relevant organizations and departments.
To help the officials, interpret and understand the law, introduction programs are being planned.
The ADAA was established in 2008 December to promote transparency and accountability within the sector.
Moreover, the relevant authority is supposed to make sure that government bodies use their funds and resources efficiently, ethically, economically, and in ways that support the Emirate’s goals.
There is also a training center in the Emirates, where young graduates are trained about auditing. The relevant authority also investigates corruption, audits government entities, and forms anti-fraud teams when needed.
The relevant authority was allotted to the council of International Forum of Independent Audit Regulators, in 2011, making the United Arab Emirates the 1st Arab member.