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Financial and Compliance Audit | Financial Audit Authority | UAE
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The Authority performs financial audit and compliance audit on all operations to verify their legitimacy, appropriateness, and accuracy of calculations; and to detect financial and administrative violations and take the necessary corrective actions, through the following steps:
Examine the financial transactions carried out by audited entities in the course of conducting and handling their financial and operational activities and transactions.
Examine all data, documents, and instruments relating to the accounts of audited entities’ Financial Statements.
Verify, in coordination with concerned entities, proper implementation by audited entities of the legislation, policies, regulations, bylaws, and resolutions relevant to their work; of those they issue; or of those regulating their affairs.
Audit the consolidated Financial Statements of the Government and issue an audit opinion thereon; issue a report on the outcomes of that audit stating the actual consolidated financial position of the Government; and review the final accounts of audited entities, in accordance with the work methodology and framework adopted by the Authority.
Examine the final and consolidated Financial Statements of audited entities and their auditors’ working papers and reports; and issue the relevant reports.
Verify the accuracy of calculation and collection of the Public Revenue and financial proceeds generated from the services provided, and the activities conducted, by audited entities and by the banks operating in the Emirate. These include, without limitation, taxes, fees, prices, tariffs, fines, sale proceeds, rental income, franchises revenue, profits, proceeds from encashing guarantees, and other sources.
Examine and audit the human resources administrative resolutions and procedures adopted by audited entities in relation to appointments, promotions, bonuses, increments, settlements, allowances, and other similar affairs to ensure that these resolutions are valid and compliant with the legislation in force and their regulatory by laws.
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