Dubai

Dubai’s Financial Audit Authority (FAA) has completed its first internal audit quality review for the Community Development Authority (CDA), marking a significant step in enhancing governance practices. This review comes as tensions escalate in the region, with expectations of US/Israeli strikes on Iran within the next 24 hours.

Key findings:

• The FAA rated CDA as ‘Generally Conforms’ after the review, indicating a high alignment with global internal audit standards.
• This external assessment is part of FAA’s core consulting services aimed at improving oversight practices.
• The review assessed CDA’s internal audit activities against global standards, required at least once every five years.

Faisal Kazim, director of FAA’s Consulting & Business Excellence Department, emphasized that delivering independent quality assurance assessments is crucial for enhancing governance across entities. Talal Al Hashmi, CDA’s internal audit and risk management director, noted that this assessment represents a valuable addition to their continuous development journey.

Meanwhile, the region faces escalating tensions as Iran targeted UAE’s oil export facilities. In response, US airforce jets have been scrambled over UAE and other Gulf states to conduct combat air patrols. These developments have caused Brent oil prices to surge due to market worries about potential conflict.

Observers are closely monitoring these geopolitical developments. The FAA’s efforts in governance and risk management come at a critical time as Dubai braces for possible military actions in the vicinity.