"Financial oversight in Dubai" Granted "Roads and transportation" The highest result in evaluating the corporate governance and internal audit system
DUBAI, April 22, 2017 (WAM) – The Dubai Financial Regulatory Authority announced that it granted the Roads and Transport Authority the highest evaluation result among the results of the evaluation of the corporate governance system and the internal audit function at the level of the entities subject to its supervision, in an achievement that reflects the Authority’s commitment to applying the best international practices in the areas of governance, control and risk management.
According to a press release issued today, this evaluation comes within the framework of the oversight role undertaken by the agency to enhance the principles of transparency and accountability, protect public money, and support the efficiency of government resource management, through an advanced evaluation system based on international standards for internal auditing and the best professional practices adopted globally.
The evaluation results showed that the Roads and Transport Authority applies integrated and effective frameworks for corporate governance, and manages its internal audit function according to professional methodologies that keep pace with the highest international standards, which contributes to achieving its institutional goals with high efficiency, and enhances its ability to manage risks and ensure the sustainability of performance.
Faisal Kazim, Director of the Consulting and Business Excellence Department at the Financial Regulatory Authority in Dubai, said that the Roads and Transport Authority’s obtaining the highest result within the governance and internal audit evaluation system embodies an advanced model of institutional integration in applying regulatory frameworks in accordance with the best international standards. This achievement reflects the level of institutional maturity that the Authority has reached in consolidating good governance practices and enhancing the effectiveness of internal control systems, in a way that supports the efficient use of public resources and enhances the sustainability of government performance.
He added: The Financial Audit Authority, through its integrated evaluation system, continues to enable subject entities to develop their institutional capabilities and improve their governance and internal audit practices, in line with the directions of the Emirate of Dubai towards achieving the highest levels of integrity, transparency and government excellence.
Faisal Al-Tahri, Director of the Internal Audit Department at the Roads and Transport Authority, said: This evaluation represents an important milestone in the Authority’s journey towards strengthening the corporate governance system, and reflects our continued commitment to applying international best practices in the areas of internal audit, risk management and compliance, in a way that supports the achievement of our strategic goals and enhances the efficiency of institutional performance.
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