(Pakistan Point News - 23rd Feb, 2020) DUBAI, 23rd February 2020 (WAM) – Dubai’s efficient audit system leaves no room for any fraudulent activities, as it utilises advanced technologies in public sector organisations across the emirate, a top official told Emirates news Agency, WAM.
"We have not found any such frauds [using sophisticated technology] in our audit," Abdullah Ghobash, Director-General of the Financial Audit Authority, FAA, which is tasked with controlling public funds, and its spending and management in the Emirate of Dubai.
His comment gains relevance in the wake of reports on increased cases of frauds in the government sector, using sophisticated technologies, across the world.
Even governments of some developed countries lose billions of Dollars annually because government payments are intentionally misspent or directed to the wrong recipients, often through fraudulent means using advanced technologies, according to some reports.
"Dubai has grown to a level with a three-tier audit system that prevents any sort of fraudulent activities," Ghobash said in an interview on the sidelines of ACFE Fraud Conference middle East in Dubai, where he was a speaker.
"Our strong team has eliminates a lot of risk factors and we have an excellent level of defence [that prevents frauds]," he emphasised.
The authority is pursuing normal audit that inspects all relevant files [both paper and digital] in all organisations, the official explained.
The FAA is also responsible to ensure that government departments spend public funds efficiently and effectively.
In addition, the FAA is tasked with ensuring and enhancing high levels of accountability and sound management practices within these government entities and departments.
The Authority is also responsible for making sure that administrative decisions and processes conform to Dubai’s regulations and its high standards of transparency and integrity.
The FAA was established by a law issued in April 2018 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as Ruler of Dubai.
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai was appointed as Chairman of the Authority and Ghobash was made the Director-General via decrees issued by Sheikh Mohammed Bin Rashid during the same time.
The fifth edition of ACFE Fraud Conference Middle East is being held under the patronage of H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum and the General Directorate of Residency and Foreigners Affairs, GDRFA - Dubai.
Major General Mohammed Al Marri, Director-General of GDRFA Dubai, delivered the keynote speech at the opening ceremony of the conference on Sunday.
Accounting experts and specialists in internal auditing, governance and ant-fraud investigation are presenting the best practices and global cases in technology and financial sectors in the conference.
