Ministry Of Finance Welcomes Indonesian Delegation To Enhance Internal Audit Practices And Cooperation

The Ministry of Finance (MoF) in Dubai recently hosted a delegation from Indonesia's Ministry of Finance. This visit aimed to exchange expertise and explore best practices in internal audit. The initiative aligns with the Memorandum of Understanding (MoU) signed between the two nations in July 2024, focusing on enhancing bilateral cooperation and knowledge-sharing in public financial management.

During their visit, the Indonesian delegation received a detailed briefing on the organisational structure and objectives of the Ministry’s Internal Audit Office. The office is dedicated to providing independent assurance on internal control systems and risk management. It also offers advisory services to enhance operational efficiency within the ministry.

Younis Haji AlKhoori, Undersecretary of the Ministry of Finance, highlighted the significance of international collaboration. He noted that such partnerships elevate transparency and accountability in public finance. "We, at the Ministry, are committed to applying best practices and international standards in internal auditing to support the Ministry’s vision of ensuring sustainable and efficient financial management in line with the country’s strategic objectives," he stated.

AlKhoori further emphasised that exchanging knowledge with Indonesian counterparts is crucial for mutual progress. "Exchanging knowledge and expertise with our Indonesian counterparts represents a vital step toward mutual advancement. It lays the groundwork for robust partnerships that will drive the continuous improvement of financial institutions in both nations," he added.

The UAE and Indonesia underscored the importance of their MoU in advancing public financial management. Knowledge exchange forms a cornerstone of this strategic partnership, aiming to strengthen collaborative efforts and adopt global best practices for greater transparency.

The Indonesian delegation was led by Riza Faiz Ahmad, Audit Manager at the Inspectorate General Office. The team included experts specialising in auditing and accounting, reflecting a strong commitment to enhancing financial systems through shared expertise.

Adherence to Global Standards

The Ministry's Internal Audit Office adheres to international standards set by the Institute of Internal Auditors (IIA). In 2022, it received full compliance certification from the UAE Internal Auditors Association, showcasing its dedication to excellence. The office also operates an integrated system to combat fraud and mitigate risks related to administrative corruption.

This system is accessible through digital platforms like the Ministry’s website and mobile app, ensuring transparency and efficiency in operations. Such measures highlight the ministry's commitment to maintaining high standards in internal auditing practices.

The collaboration between UAE and Indonesia signifies a promising step towards improving financial institutions' resilience and sustainability. By sharing knowledge and adopting best practices, both nations aim to achieve long-term success in public financial management.

With inputs from WAM