Senior employees are required to disclose financial disclosure

A new law strengthens control over public funds in Abu Dhabi

The powers of the agency include companies in which the government owns 25% of its capital.

■ archive

His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the State, in his capacity as Ruler of the Emirate of Abu Dhabi, issued a law regarding the reorganization of the Abu Dhabi Accountability Authority, to strengthen control over public funds, and to establish principles of integrity, transparency, accountability and the practice of sound management in government and government agencies.

The Abu Dhabi Accountability Authority reorganization law constitutes a tangible development in the authority's mandate and powers to keep pace with the significant developments in the emirate's economy and the executive government, as well as corporate governance practices and institutional discipline.

The law reaffirmed the definition of the agency as the supreme body for financial control and accounting, and stipulated that it enjoys the legal personality and legal capacity necessary to carry out its activities and achieve its objectives, as well as financial and administrative independence, and that it is directly subordinate to His Highness the Crown Prince.

The law also expanded the scope of the authority's competencies to enhance the effectiveness of control over public funds and the efficiency of financial and operational activities in government agencies, and companies in which the government owns 25% of its capital and more, compared to 50% previously, which contributes to ensuring the optimal use of the public resources of the Emirate of Abu Dhabi.

The agency’s objectives include working to strengthen and consolidate the principles of integrity, transparency, accountability and sound management practices in the government and the entities subject to control, in order to enhance the emirate’s reputation and confidence in its financial and economic system, and seeks to enhance its ability to combat financial and administrative corruption and lay down general principles to enhance the management of corruption risks, detection and treatment. Its causes, the protection of financial resources and public funds, and finally, the improvement of the quality of the audit work submitted to the bodies subject to the supervision of the Agency in the Emirate.

The new law provides for the mandate of the accounting agency over the work of financial supervision and auditing over the bodies subject to supervision, compared to the focus on financial examination in the previous law.

The law clearly defines the control work, and defines it in three main packages, which include financial control over the activities of the subject entities, compliance control and the performance of tasks and activities, and oversight of control systems in order to verify their efficiency and effectiveness in monitoring financial, operational and electronic systems.

The new law redefined the bodies subject to the agency’s control, and it includes local departments, municipalities, agencies, institutions, councils, general secretariats, offices, police and local security authorities, centers, offices, universities, institutes, funds, markets, and public legal persons affiliated with the government, in addition to companies wholly owned by government agencies or companies directly. Or indirectly, and companies in which the government, government agencies or companies contribute, at a rate of more than 25% of their capital.

The law obliges senior government employees and officials of the entities subject to supervision to submit periodic financial disclosure upon assuming their positions and when they leave it for any reason, based on the disclosure system that will be issued in accordance with the provisions of this law.

The law stipulates for the first time a system for the protection of whistleblowers and witnesses, as the agency assumes the necessary protection for the whistleblower or witness, in accordance with controls and procedures that include providing the necessary protection for him at his residence when necessary, in coordination with the security and police authorities in the state.

Reporting the agency about financial and administrative corruption violations is not considered a violation of the provisions of legislation and agreements related to disclosure or disclosure of confidential information, whether with the subject authority with which the reporter works or with whom he deals.

Device targets

■ Work to promote and establish principles of integrity, transparency, accountability and good management practices in the government and the entities subject to supervision.

■ It seeks to enhance its ability to combat financial and administrative corruption, and to establish general principles to enhance the management of corruption risks, uncover it and address its causes, and protect financial resources and public funds.

■ Upgrading the quality of auditing work submitted to the entities subject to the Agency’s control in the Emirate.

- The

The law provides for the mandate of the accountability authority over financial oversight and auditing.

Follow our latest local and sports news, and the latest political and economic developments via Google news