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Ministry of Finance hosts training session on updated internal audit methodology for federal government – Business – Economy and Finance

Ministry of Finance hosts training session on updated internal audit methodology for federal government - Business - Economy and Finance

The Ministry of Finance hosted a training session in Dubai titled “Key Updates to the Internal Audit Methodology in the Federal Government”.

The session was organised by the Financial Policies and Government Accounting Standards Department and attended by audit directors from various ministries and federal entities.

This initiative is part of the Ministry of Finance’s strategy to streamline financial and administrative procedures in the federal government, in line with the recent updates in the International Standards for the Professional Practice of Internal Auditing issued by the Institute of Internal Auditors (IIA) and the G20/OECD Principles for Corporate Governance 2023. This update aims to align the methodology used in the federal government with these updated international standards.

The programme aims to enhance internal audit efficiency by integrating performance indicators and methods for resource allocation and distribution to ensure their optimal utilisation. This initiative also bolsters risk management within the federal government and aligns methodologies with global best practices.

The training covered a range of topics, including the objectives and standards of internal auditing. It aimed to create a consistent operational structure for federal government auditing activities by offering clear guidelines, policies, and procedures for auditors. The curriculum stressed the importance of planning, executing, and reporting in internal audits, highlighting the administrative and regulatory norms for audit departments within federal units. Furthermore, it specified the roles, authority, and accountability of internal auditors and established a standardised methodology for auditing processes and risk evaluations within the federal government.

The course also highlighted the importance of focusing on added value as a criterion for the success of the internal audit activity in performing its duties and how departments benefit by measuring the value that auditing has contributed.

The participants discussed the tasks and responsibilities of the internal audit office, aligning with the core mission of internal auditing and essential elements set by global auditing standards. This encompasses suggesting enhanced control measures and topics that promote development, compliance with professional norms, and adherence to the ethical standards set by IIA. They also underlined conducting audits based on recognised legal, financial, and administrative benchmarks. The conversation highlighted the critical nature of internal auditing’s independence and authority. Independence serves as the cornerstone of auditing and control, mitigating potential conflicts of interest. Authority, on the other hand, is extensive and unrestricted and facilitates direct interactions across all administrative tiers.

Benefits

Through this course, the organisers aim to bolster stakeholders’ trust in the administrative and financial activities of the federal government. These activities will be consistently updated and reviewed to align with global standards. Workshops will be conducted for internal auditors, focusing on skill development to guarantee the successful incorporation of these updates. Furthermore, the initiative plans to introduce and enact novel auditing techniques, like sustainability auditing and ongoing auditing, to augment the efficacy of internal auditing, ultimately benefiting society at large.

source: https://www.emirates247.com/business/economy-finance/ministry-of-finance-hosts-training-session-on-updated-internal-audit-methodology-for-federal-government-2023-11-01-1.727411