The Central Bank and the Auditors Association sign a memorandum to develop financial supervision

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Abu Dhabi, February 19 / WAM / The Central Bank of the United Arab Emirates and the State Internal Auditors Association signed a joint memorandum of understanding, in a strategic step aimed at developing the business environment and modernizing the regulatory frameworks in the financial sector.

The memorandum was signed by His Excellency Ibrahim Al Sayed Mohammed Al Hashemi, Assistant Governor of the Central Bank for the Executive Office Sector and Secretary General of the Board of Directors, and His Excellency Abdul Qadir Obaid Ali, Chairman of the Association’s Board of Directors, at the headquarters of the Central Bank in Abu Dhabi, in the presence of a number of senior officials from both sides.

The memorandum aims to strengthen the partnership between the two parties to raise the level of financial control in the UAE, by adopting the highest international standards in the internal audit profession.

The terms of cooperation include launching innovative initiatives to develop control systems and modernizing good governance frameworks in a way that enhances confidence in financial transactions and keeps pace with international best practices.

The new partnership also focuses on investing in national cadres, by organizing specialized programs to develop their skills and accelerate the pace of localization of the profession in financial institutions.

The two parties will work to exchange experiences and information, and organize joint events with the aim of spreading and strengthening the culture of internal control in companies and institutions.

On this occasion, His Excellency Ibrahim Al-Sayyid Mohammed Al-Hashimi stressed that this memorandum embodies the Central Bank’s commitment to the vision of the wise leadership aimed at consolidating the leadership of the national financial sector.

He said, “We are keen to integrate efforts with all partners to develop professional institutions, modernize work mechanisms, and build specialized national capabilities. Consolidating a culture of financial control is an essential foundation for making our financial institutions an effective partner in sustaining the country’s economic growth and prosperity.”

For his part, His Excellency Abdul Qader Obaid Ali considered this strategic partnership with the Central Bank a milestone in the development of internal auditing in the country.

He said, “Through this cooperation, we aim to empower citizen auditors and provide them with the latest tools and knowledge that match international standards. This collaboration ensures that the capabilities of national institutions are strengthened and enables them to anticipate future challenges with confidence and efficiency.”