UAE’s new federal authority to combat financial corruption

UAE’s new federal authority to combat financial corruption

The UAE has established a federal accountability authority that will set up a supreme policy for integrity and combat of financial and administrative corruption. The new entity replaces the supreme audit institution following a decree issued by President Sheikh Mohamed bin Zayed Al Nahyan, the UAE state-owned Wam news agency reported. The authority’s functions include […]The UAE has established a federal accountability authority that will set up a supreme policy for integrity and combat of financial and administrative corruption.

The new entity replaces the supreme audit institution following a decree issued by President Sheikh Mohamed bin Zayed Al Nahyan, the UAE state-owned Wam news agency reported.

The authority’s functions include reviewing and auditing the consolidated annual report of the federal government, as well as auditing separate and combined annual financial statements in government-owned entities.

Responsibilities also include assessing the efficiency and effectiveness of internal control systems for financial and operational operations, setting the supreme policies on integrity and combating financial and administrative corruption.

The authority will be empowered to review and undertake administrative investigation into complaints and reports regarding any misappropriation of funds and assets, misuse of authority and exploitation of public office for personal gain or benefit to third parties.

It will implement preventive