Abu dhabi: As part of its ongoing efforts to strengthen institutional governance and accountability, Abu Dhabi Accountability Authority (ADAA) has announced the update of the Internal Audit Rules applicable to entities under its mandate. This aims to enhance the quality and efficiency of internal audit functions and establish a unified framework that supports safeguarding and optimal use of public resources.
According to Emirates News Agency, the key updates include the adoption of the concept of continuous audit for financial and operational activities in entities under the ADAA mandate, ensuring efficiency, transparency, and timely risk response. The risk assessment approach has also been enhanced by including financial and operational processes in terms of their performance, previous audit findings, and their contribution to achieving entity strategic objectives.
The updated rules also bolster the internal audit role in financial auditing by enabling participation in the process of appointing the statutory auditor and following up on financial audit outcomes. Additionally, the performance indicators of internal audit units in entities subject to the ADAA mandate have been enhanced to strengthen their role in safeguarding public funds and elevating the effectiveness of internal controls.
Moreover, the update emphasizes the importance of integrating digital transformation into the agenda of internal audit units within entities subject to the ADAA mandate and promotes the use of data analytics in audit outcomes to ensure more accurate and effective oversight. There is also a regulation on the appointment of audit firms providing internal audit services to these entities, ensuring transparency and quality audit outcomes.
This update follows the launch of the first edition of the rules in 2021 and aims to enhance the effectiveness of internal auditing and deliver added value.