Maktoum bin Mohammed Approves Financial Audit Authority's 2025-2028 Plan

Post by: Bandan Preet

Photo: X/@MaktoumMohammed

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, who serves as the First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, has given his approval for the Financial Audit Authority’s (FAA) Strategic Plan for the years 2025-2028. As the Chairman of the FAA, Sheikh Maktoum’s decision highlights his dedication to strengthening the Authority’s role in improving transparency, accountability, and innovation in Dubai’s government institutions.

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Sheikh Maktoum explained that this new strategic plan aligns with the vision and guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai. The plan focuses on ensuring that government funds and resources are used wisely while maintaining the highest standards of financial oversight. It also aims to reinforce the principles of honesty, integrity, and fairness in the entities the FAA supervises.

In a statement, Sheikh Maktoum said, “The Strategic Plan 2025-2028 represents our efforts to strengthen financial oversight and improve transparency in all government activities. Our goal is to secure Dubai’s position as a leading global city known for its efficient governance and high-quality public services.”

He further explained that the plan is designed to support Dubai’s rapid growth while keeping up with changes in the global economy and advancements in digital technology. He emphasized the importance of adopting modern financial and regulatory tools, along with improving the skills of FAA employees. These steps, he said, will help ensure that Dubai remains a leader in governance and financial management.

Sheikh Maktoum also praised the team that worked on developing the Strategic Plan and instructed them to closely monitor its implementation. He stressed the importance of receiving regular progress reports to ensure that the plan achieves its intended goals.

Core Vision, Mission, and Values

The newly approved plan is designed to strengthen the Financial Audit Authority’s ability to perform its oversight duties efficiently and effectively. Its primary focus is to enhance financial transparency, ensure accountability, and maintain high ethical standards in the handling of public funds.

The FAA’s mission is to conduct independent and thorough reviews of financial activities across government entities. This ensures that public funds are managed responsibly and that financial reports are accurate and compliant with regulations.

The plan is built around core values that define the FAA’s work. These include fairness in decision-making, excellence in service, innovation in financial audits, professionalism in performance, and openness in financial reporting.

The plan is structured with four main goals and 15 specific objectives that provide a clear roadmap for achieving better oversight. Additionally, 32 performance indicators have been introduced to track progress and ensure the plan is implemented successfully.

Meeting Stakeholders’ Expectations

A key part of the Strategic Plan is ensuring that all government entities follow financial regulations and maintain accountability in their operations. The plan strengthens internal controls, reduces financial risks, and ensures strict compliance with financial laws. It also enhances trust between the Financial Audit Authority and the organizations it oversees by encouraging greater cooperation and transparency.

Providing Valuable Support Services

The plan also aims to improve collaboration with various stakeholders by offering advisory services that help organizations comply with financial regulations. The FAA will work closely with these entities to ensure the plan is fully implemented within a year.

Another important focus of the plan is to support continuous learning. The FAA will promote knowledge-sharing, capacity-building, and professional development for external stakeholders.

The plan also prioritizes developing and retaining talented professionals within the FAA. By offering specialized training, focusing on employee well-being, and introducing wellness programs, the FAA aims to create a positive work environment. Employees will also receive training in modern technology and AI-driven auditing tools to improve overall efficiency.

Enhancing Organizational Efficiency

To keep up with the latest advancements in governance and financial management, the FAA’s Strategic Plan promotes innovation through the use of cutting-edge technology. A key part of the plan is the digital transformation of the Authority’s operations. This includes adopting new systems to improve auditing efficiency and ensuring compliance with the latest information technology standards.

His Excellency Abdulrahman Al Harib, Director General of the Financial Audit Authority, emphasized the importance of the plan in strengthening financial oversight. He stated, “The Financial Audit Authority’s Strategic Plan 2025-2028 reaffirms our commitment to improving the management of public funds and resources. It strengthens confidence in Dubai’s financial oversight framework and demonstrates our dedication to adopting modern technology to enhance efficiency and governance.”

The plan reflects the Dubai Government’s ongoing efforts to promote transparency and integrity across all sectors. By enhancing its supervisory role, the FAA aims to ensure that government funds are managed responsibly and that public trust in financial institutions remains strong.

This strategy marks an important step in improving financial oversight, strengthening governance, and ensuring Dubai remains at the forefront of global financial management.

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