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At a workshop organized in collaboration with the Association of Accountants state «DED» discuss risk management mechanisms companies

Published at 19/05/2016

Department of Economic Development (DED) and a workshop to raise awareness of the role of internal audit in the UAE in cooperation with the Accountants and Auditors Association of the state, where it was to highlight the importance of the role of risk management and internal control and governance processes in the companies to achieve the development goals, as well as display the experiences of failure of a number of companies as a result of the presence of errors in its strategic planning.

Organization of the workshop comes in line with the vision of the Government of Dubai's efforts to strengthen oversight and transparency principle in government circles and follow international best practices in the work, in terms of internal control policy based on the frameworks and standards of several, according to the fields of work, and this requires us continuous research and development, in addition to the DED seek play a pivotal role in the field of information exchange in the areas of audit. 
Said Mohammed Hilal Almrohdi, Executive Director of Internal Control in the Department of Economic Development, in his opening speech: «see the Department of Economic Development necessity of gradual transformation of the culture of risk identification within the superficial frameworks to manage the level or individuals to strategic planning culture of risk management and contribute to the achievement of strategic objectives and including ensure improved workflow processes, increase revenue and productivity development opportunities, and establish frameworks and cooperation mechanisms work as a team and one whose vision is consistent and effective, and then change the advancement of mechanisms and risk management systems in the government sector to the leading position ».


He pointed Almrohdi that the process of assessment and risk management has become more important and complex in the work of government institutions and the private sector in the UAE, and pushed economic fluctuations and changes in the work of many departments of environment to realize the importance of the role of internal control and risk management to achieve strategic and operational objectives. 
He added: «The Internal Control sector in the Economic Development Department put the annual plan for the audit, based on a risk assessment within the sector departments of a financial audit, management audit and information systems auditing, and then the departmental audit by risk priorities to make sure that the corrective operations are appropriately». 
Saif al-Muhairi, Chairman of Accountants and Auditors Association: «The quality of accounting and auditing is crucial to the success of economic development, as the profession contribute to the initial stages of any project of budgets and choose the accounting program and then the optimal application of accounting standards and after that performance analysis and interpretation deviations as well as to contribute to the application of a material for the governance and oversight of performance and risk management. »