Maktoum approves Financial Audit Authority’s strategic plan 2025-2028

Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and Chairman of the Financial Audit Authority (FAA), has approved the authority’s strategic plan 2025-2028.

The approval of the plan reflects Sheikh Maktoum’s commitment to reinforcing the authority’s role in line with Dubai’s vision of enhancing transparency and innovation across government entities.

 Sheikh Maktoum said that the authority’s strategic plan 2025-2028 reflects the vision and directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to strengthen the authority’s role in ensuring effective oversight, safeguarding public funds and resources, and upholding the highest standards of accountability, transparency, and integrity across the entities it oversees.

He said, “The Strategic Plan 2025-2028 demonstrates efforts to enhance government performance by strengthening financial oversight and ensuring transparency across all government operations. Our objective is to uphold Dubai’s position as a global leader in delivering world-class services that enhance community well-being and quality of life.” “The plan aligns with Dubai’s remarkable growth trajectory and adapts to the evolving global economic landscape and digital transformations. We remain committed to continuously enhancing the Financial Audit Authority’s capabilities by implementing cutting-edge technological and regulatory systems, while also developing the skills of employees. This will further strengthen Dubai’s position as a global leader in governance and financial integrity,” Sheikh Maktoum added.

The new plan aims to enhance the authority’s ability to carry out its oversight responsibilities efficiently, positioning it as a key institution in promoting transparency, accountability, integrity, and excellence in the management of public funds.

The authority’s mission is to deliver independent, objective, and timely oversight of public resources, ensuring accountability, compliance, and optimal performance in the operations and financial reporting of the entities it supervises.

The strategic plan is built on core values that define the principles guiding the authority’s operations. These include independent decision-making, service excellence, innovation in financial oversight, professionalism to maximise performance, and transparency in financial management.

The plan plays a vital role in enhancing efficiency and effectiveness in executing oversight tasks and activities. It is structured around four main goals and 15 strategic objectives, providing a clear roadmap to achieve the desired outcomes.

Additionally, 32 strategic performance indicators have been established to monitor progress and ensure the successful implementation of the objectives.

The strategic plan underscores the importance of ensuring stakeholder compliance with legislation and regulations in executing operational tasks, issuing financial reports on public fund utilisation, and strengthening accountability and governance. It enhances risk and compliance management, internal controls, and financial and administrative integrity through effective investigations into violations.

Additionally, it fosters transparency and collaboration, reinforcing trust between the authority and the entities under its supervision.

The new plan emphasises the development of effective and sustainable partnerships to enhance stakeholder satisfaction, uphold integrity and transparency, and reinforce ethical standards at all levels. It also aims to support entities under the authority’s supervision by providing expert advisory services to ensure full implementation of the plan within a year.

Additionally, it promotes continuous learning, knowledge exchange, and capacity building for external stakeholders.

Furthermore, the plan supports the continuous development and enhancement of the authority’s workforce to strengthen institutional performance. It also seeks to attract and retain top talent with specialised skills and expertise.

In this context, it prioritises employee well-being and happiness by implementing an annual cultural programme that includes sports, social, health, and wellness initiatives. Additionally, it focuses on advancing employees’ proficiency in modern technology and AI-driven auditing to optimise performance.

In line with ongoing advancements in institutional operations management, the strategic plan fosters innovation by leveraging advanced technology to enhance auditing and operational efficiency. An integrated framework has also been established to drive the digital transition, encompassing all procedures and activities within the authority.

Additionally, dedicated plans and performance indicators have been set to ensure full compliance with information technology standards and maintain seamless business continuity, recognising the critical importance of cybersecurity.

Abdulrahman Al Harib, FAA Director-General, emphasised the strategic plan’s role in enhancing government performance and strengthening the authority’s contribution to sound governance in the management of public resources.

WAM