Media ININ Economy We Trust
Media In – Abu Dhabi – 24 December 2018 /
Abu Dhabi International Financial Center (ADX), the leading international financial center in Abu Dhabi, signed a memorandum of understanding (MoU) with the Ministry of Economy to facilitate cooperation and coordination between auditors in the UAE.
The MoU aims at enhancing cooperation to serve both sides in order to facilitate the exchange of information related to the supervision of auditing companies and their principles. The memorandum was signed in view of the importance of the financial audit profession and its pivotal role in establishing confidence in the companies’ In addition to its contribution to maintaining the integrity of the financial system.
The Ministry of Economy is responsible for supervising auditors in the UAE. The registration authority of the Abu Dhabi Global Market is the entity responsible for registered auditors for conducting financial audits within the jurisdiction of the market.
The two sides agreed to coordinate in the field of exchange of technical and organizational information and institutional expertise for the development of supervision of auditors and contribute to the development of the auditing profession in the State.
Hamid Bin Butti Al Muhairi, Assistant Undersecretary for Commercial Affairs at the Ministry of Economy, said that the development of the financial audit profession in the UAE is one of the objectives that the Ministry of Economy is keen to support due to the importance of this profession in controlling and regulating the business sector and developing the corporate governance system to provide a business environment that is committed to the best professional controls. In the financial aspects, which contributes to increasing confidence in the financial and business markets in the country.
He pointed out that the memorandum will contribute to closer partnership and cooperation between the two sides in exchanging information and experiences and taking advantage of their existing resources in this regard to achieve a safe and attractive financial environment for investors and companies.
The MoU underscores the mutual commitment to strengthen cooperation between government agencies to support Abu Dhabi’s position as a world-class financial center and an integrated industrial platform to achieve economic diversification in line with the Abu Dhabi 2030 Economic Vision and UAE Vision 2021.
