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UAE-India pact seeks to enhance public sector audit

Other areas of cooperation include exchange of knowledge and experiences in public auditing

Published: Sun 8 Sep 2024, 6:55 PM

By
Issac John

The Comptroller and Auditor General of India (CAG) has signed a Memorandum of Understanding (MoU) with the Accountability Authority of the UAE aimed at enhancing cooperation between two Supreme Audit Institutions (SAI) and streamlining methodologies in the realm of public sector audit.

The agreement, signed by Humaid Obaid Khalifa Obaid Abushibs, President of the UAE Accountability Authority, and Girish Chandra Murmu, the CAG, is in the backdrop of strengthening bilateral, trade, economic, and investment cooperation between the UAE and India following the landmark comprehensive Economic Partnership Agreement (Cepa) inked in 2022.

Abushibs, emphasising the importance of the agreement in enhancing and improving the external audit practices of the two SAIs, said it would assist in strengthening the bilateral relationship between the two SAIs through mutual cooperation.

The CAG said the objective of the MoU is to promote and develop cooperation between the two SAIs to strengthen the respective institutions’ professional capacity and improve methodologies in the field of public sector audit. Other areas of cooperation outlined in this MoU include the exchange of knowledge and experiences in public auditing and conducting capacity development programmes at SAI India or SAI UAE as needed.

“This MoU reaffirms the values and goals that our institutions have shared over a long period, and it further cements the ties that already exist between our two nations,” said Murmu, adding that the agreement will yield many opportunities for greater exchange of knowledge and experience between members of SAIs and will also foster the spirit of cooperation and friendship between the two institutions.”

James Mathew, CEO & managing partner of UHY James, said by strengthening cooperation the two SAIs would be better positioned to streamlined methodologies in the realm of public sector audit. “This move aims to accelerate audit, public financial management and accountability between India and UAE. Beyond strengthening bilateral relations, the MoU will facilitate exchange of audit methodologies, techniques and best practices which will improve efficiency of public financial management systems in India as well as the UAE,” said Mathew.

“As both countries navigate a dynamic business landscape, this MoU is a step in the right direction towards including provisions for capacity-building and training programs that expand auditor capabilities in both countries – thereby accentuating the quality of audits conducted in India and the UAE,” said Mathew.

“With India and the UAE cementing their positions at a global scale this MoU will enable implementing international auditing standards and strengthen the global narrative on public sector auditing and governance. Set to be a game-changer, this MoU opens a wide horizon of experience and knowledge that will pave the way for joint audits, collaborative research initiatives and improved public sector governance across India and the UAE,” said Mathew

“Clearly, once again India and the UAE prove the intrinsic value of their rich economic partnership that elevates their financial ecosystem and audit landscape to match pace with global standards,” he said.