Abu Dhabi, 23 April, 2013: The Ministry of Finance (MoF) recently announced the finalisation of the unified federal final account project and the related draft law for the financial year ending 31/12/2012 which pertains to the Ministries and Federal Independent Authorities and has raised it to the State Audit Institution on 15/04/2013 within the timeframe specified by the related decree. MoF's efforts are in support of the federal decree no (8) issued in 2011 regarding the preparation of the general budget and final account and in line with its commitment to further develop and increase the effectiveness of processes related to financial reports and statements in the federal government.
The aim behind the unified federal final account is to provide clear financial data reflecting the reality of the UAE's financial affairs, which in turn helps decision makers in allocating financial resources in order to ensure sustainable development and the implementation of the principles of the UAE vision 2021. Therefore, the competent departments specialised in internal audit in all federal entities are responsible for controlling the general budget and expenditures and to follow up on the performance and verifying the compliance with the related legislations.
The Ministry was keen to include the final statement of the State (Federal Final Account) data and information regarding budgeting and performance which reflects the goals, programmes and activities achieved and the performance indicators adopted in achieving its structure on one hand as well as the performance reports filed by the entities to the Ministry.
Commenting on this project, HE Younis Haji Al Khouri, Undersecretary of MoF said: "The Ministry of Finance coordinated with all ministries and concerned entities to prepare the federal final account; and was involved in the review of all methods used for the purpose of ensuring that the principles of transparency and the preservation of public funds were implemented, as well as the efficient investment ensuring the effectiveness in the application of practices and financial legislation in the state."
HE added: "The cooperation of all ministries and federal government entities has shown clear evidence regarding their commitment in the implementation of all the strategic directives of the UAE.
MoF had earlier organised workshops for all federal agencies regarding the instructions of the consolidated federal final account for the financial year ends 31 December 2012, in accordance with the financial circular no (5) for the year 2012.
It should be noted that the State Audit Institution is expected to deliver the unified Federal Final Account soon, where it will be submitted by the Ministry of Finance to the Council of Ministers at a later stage.
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For more information:
Ghaleb Zeidan / Wissam Al Saadi / Osama Dagamseh
Weber Shandwick MENA
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Email: gzeidan@webershandwick.com; walsaadi@webershandwick.com; odagamseh@webershandwick.com
© Press Release 2013
