UAE President issues new law establishing UAE Accountability Authority

UAE President issues new law establishing UAE Accountability Authority

ABU DHABI: President His Highness Sheikh Mohamed bin Zayed Al Nahyan has issued Federal Decree-Law No. (56) of 2023 on establishing the UAE Accountability Authority.

The new Authority will replace the Supreme Audit Institution, and will report directly to His Highness the President.

Aiming at maintaining and enhancing the integrity of public finances, the new Authority will be the supreme authority for financial control, auditing, integrity and transparency in the country.

The issued Federal Decree-Law regulates the UAE Accountability Authority’s functions and its multifaceted contribution, along with other specialised authorities, in preserving public funds through supervising financial, accounting, and operational activities in entities subject to its oversight, in order to combat financial and administrative corruption; and to strengthen its risk management systems, optimise its detection, limit its causes and hold perpetrators accountable.

According to the Decree, the Authority aims to enhance instilling integrity, accountability, transparency and good governance in the Federal Government and the entities subject to the Authority, to bolster the country’s reputation and the trust in its financial and economic system.

The Authority’s functions include reviewing and auditing the Consolidated Annual Report of the federal government and expressing opinion on it, as well as auditing separate and combined annual financial statements in the