• Home

Seminar held on risk-based approach in auditing

The Financial Audit Department (Fad) held a seminar on Adopted Risk Based Audit Methodology at the Four Seasons Hotel Jumeirah on Sunday.
Mohammed Abdullah Al Huraiz, Acting Director-General of Financial Audit Department (Fad) opened the seminar attended by various local government departments, companies and entities subject to FAD audit.
Al Huraiz said that the seminar has been organised in line with the directives and views of His Highness Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Chairman of the Fad.
He praised the new advanced methodology adopted by the department in the preparation of its annual audit plan for 2015-2016. The methodology is in alignment with the best international practices in the field of audit and in consistent with the standards and practices of the International Federation of Accountants (IFAC), KPI Institute, COSO, the IIA, and other international professional organisations such as Intosi, Al Huraiz added.
The Risk Based approach is designed to identify and assess risks to provide reasonable assurance regarding the achievement of entity's objectives by focusing on high-risks segments/areas.
"We at Fad will continue to update and develop our procedures to meet the local and international requirements," Al Huraiz said.
reporters@khaleejtimes.com

• UAE
• Dubai