UAE Ministry of Economy affirms role of auditing in achieving sustained economic growth

H.E. Mohammed bin Abdulaziz Alshihhi, Undersecretary - Planning Sector, UAE Ministry of Economy, has emphasised the importance of enhancing national auditing processes and policies to achieve organizational credibility and transparency, during a speech delivered at the 9th Annual Gulf Regional Audit Conference.

The Conference, hosted by the Institute of Internal Auditors UAE Chapter, has gathered more than 700 delegates across the Gulf to discuss how internal auditors can assist in globalisation and enhance their partnership with the companies they serve.

Organised by the DWTC under the theme "Audit - the corporate world's ally," the Conference aims to enhance the quality standards within the auditing profession and promote a deeper sense of accountability among its attendees. H.E. Alshihhi emphasized the crucial role of auditing and good governance in achieving the country's goal of sustained economic growth, and also pledged the Ministry's full support in ensuring the integrity, independence, and quality of work of auditors, through economic policy development and reforms.

"The Ministry of Economy has initiated various programs and reforms to attain long-term socioeconomic stability for the country and which can also help in the improvement of national accounting standards and practices. These efforts complement the broader aims of the UAE Government Strategy, unveiled last year by H.H. Sheikh Mohammed, to enhance government services to be at par with international standards through key developments in education, healthcare, and judicial and government services.," said H.E. Alshihhi.

H.E. Alshihhi lauded reforms undertaken by the Dubai International Financial Centre to enhance the quality of audit services and adopt a system similar to that implemented in other major international capital markets. He also attributed the ability of the UAE to attract huge foreign investments to the credibility and transparency provided by auditing services. In addition, H.E. Alshihhi called on auditors to carry out their duties with the highest regard for their ethical obligations.

"Although we have set lofty goals and prepared sound strategies to ensure further growth and prosperity, all of these cannot be realized without a genuine commitment from all stakeholders, including the auditing profession, whom I regard as the gatekeepers of integrity and financial security in our economy. The Ministry will continue to explore how it can help the auditing services sector enhance its participation in national progress. We shall also support initiatives aimed at promoting and enhancing good corporate governance, so that we can expedite the country's quest to become a global business hub," concluded H.E. Alshihhi.