24/02/2025
Maktoum bin Mohammed Approves the Financial Audit Authority Strategic Plan for 2025-2028
Dubai, UAE - 24 February 2025: His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE and Chairman of the Financial Audit Authority has approved the Financial Audit Authority’s strategic plan for 2025-2028. This is part of His Highness’s commitment to reinforce the Authority’s vital role in achieving its objectives in line with Dubai’s vision of enhancing transparency and innovation across Dubai Government entities.
Cutting-edge systems
His Highness Sheikh Maktoum bin Mohammed emphasized that the Dubai Financial Audit Authority's 2025-2028 strategic plan reflects the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, of empowering the Authority to effectively fulfil its oversight responsibilities, safeguarding public funds and resources while upholding principles of accountability, transparency, and integrity within the organizations it oversees.
His Highness Sheikh Maktoum stated: “This strategic plan demonstrates our efforts to enhancing government performance by bolstering financial oversight and ensuring transparency across all government operations. Our goal is to maintain Dubai's leading position among global cities in providing top-tier services that promote the well-being and happiness of our community.”
“This plan is aligned with Dubai's remarkable growth trajectory and adapts to the evolving global economic landscape and digital transformations. We are dedicated to continuously improving the Financial Audit Authority’s effectiveness by implementing cutting-edge technological and regulatory systems and developing our employees' skills. This will solidify Dubai's standing as a global leader in governance and financial integrity,” he added.
His Highness Sheikh Maktoum commended the team responsible for developing the Authority's strategic plan and instructed them to monitor its implementation, providing regular progress reports.
Vision, Mission, and Values
The new strategic plan aims to empower the Financial Audit Authority to efficiently and effectively conduct its control role, and become a leading figure in enhancing transparency, accountability, integrity, and excellence in governing the utilization of public funds.
Dubai Financial Audit Authority's mission is to provide independent, objective and timely oversight of public resources to ensure accountability, compliance and optimal performance in operations and financial reporting of subject entities.
This strategic plan is established on fundamental values that determine the principles along which the Authority is to conduct its practices. These values include independent decision-making, providing services with excellence, innovative techniques and methods in financial control, professionalism to achieve the optimal performance of the Authority, and transparency in financial management.
The importance of this strategic plan lies in achieving several essential objectives that aim to improve the level of efficiency and efficacy in executing control tasks and activities, as the strategic plan consists of four main goals and fifteen strategic objectives, all of which draw a clear map to achieve the set end results. Furthermore, thirty-two strategic performance indices were determined to follow up with the execution of the set objectives.
Responding to Stakeholders’ Expectations:
The strategic plan ensures to provide full assurance to the stakeholders for compliance to legislations and regulations by executing operational tasks and activities, issue financial reports regarding public funds, and enhance accountability and governance practices by improving risk management and compliance management, compliance, and internal control, as well as enhancing financial and administrative integrity standards through effective investigation in breaches. It also elevates trust levels between the Authority and the entities under its control by enhancing transparency and joint collaboration.
Providing Value Added Services:
The new strategic plan’s points included building and developing effective and sustainable partnerships. The purpose of these partnerships is to improve partner’s satisfaction levels, consolidate the values of integrity and transparency, and strengthen moral values on all levels. It also aims to support the entities under the Authority’s control by providing competent consulting services in order to fully implement the strategic plan in one year. Finally, it empowers learning, exchanging knowledge, and building the competencies of external stakeholders.
Developing our People:
The new strategic plan aims to support the constant development and improvement of the skills of the Authority’s cadres to enhance their institutional performance. The strategic plan also endeavors to attract and maintain distinguished talents with unique skills and knowledge. In this context, the strategic plan aims to elevate the levels of employees’ happiness, well-being, and mental health by implementing the Authority’s annual cultural plan of sports, social, health, and well-being activities. It also focuses on improving the employees’ skills in utilizing modern technology and AI in auditing to improve performance.
Improving Corporate Success:
And, in line with the constant development at the institutional operations management, the strategic plan enhances innovation, as it employs advanced technology to improve and develop auditing and institutional operations. Also, an integrated plan was set to implement the digital transition, and it includes all procedures and activities conducted by the Authority. Furthermore, plans and indices specific for full compliance with information technology and ensuring complete business continuity were set due to the importance of cyber security.
His Excellency Abdulrahman Al Harib, Director General of the Financial Audit Authority, stressed the strategic plan’s importance to improve government performance and enhance the Authority’s role in achieving sound governance in utilizing government resources.
H.E. Al Harib said: “The Financial Audit Authority’s strategic plan of 2025-2028 reflects our ongoing commitment to develop the Authority’s role within the institutional framework to ensure the optimal utilization of public resources. It also enhances trust in the financial and control system in Dubai and is a concrete proof of our commitment to the transition into more efficient and effective control systems using modern technology and AI to achieve sustainable growth and continue on the path of governance excellence, as well as develop all facets of financial and administrative performance in the emirate.”
The new strategic plan aligns with the Dubai Government’s direction, aimed at driving innovation and integrity across all government sectors. It reflects a major shift in the operation of the Financial Audit Authority, highlighting its vital role of enhancing a supervisory ecosystem and achieving transparency and accountability.
