Dubai Financial Supervision Authority Completes Quality Assessment for Community Development Authority
📋 Key Takeaway: The Dubai Financial Supervision Authority has completed its first external quality assessment for the Community Development Authority, enhancing the effectiveness of internal audits.
Completion of Quality Assessment
The Dubai Financial Supervision Authority has announced the completion of its inaugural external quality assessment for the Community Development Authority (CDA). This initiative underscores the Authority’s vital role in supporting government entities and enhancing the effectiveness of their internal auditing processes. The independent evaluation is part of the core services offered by the Authority to assist regulated entities in improving governance frameworks and internal audit performance.
The assessment measured the CDA’s adherence to international internal audit standards, which mandate that a quality assessment be conducted at least once every five years. The evaluation resulted in the CDA receiving a rating of ‘Generally Compliant,’ indicating a high level of alignment with global internal audit standards and reflecting the entity’s commitment to continuous improvement and organizational performance development.
Statements from Officials
Faisal Kazem, Director of Consulting and Business Excellence at the Dubai Financial Supervision Authority, highlighted that the execution of external quality assessments is a fundamental responsibility of the Authority aimed at enhancing governance and oversight systems. He noted that this successful collaboration with the CDA illustrates the added value provided by specialized consulting services in aligning internal audit practices with international standards and fostering a culture of sustainable improvement.
Talal Al Hashimi, Director of the Audit Office at the CDA, expressed pride in the results of the external quality assessment, emphasizing that they reflect the robustness of the internal audit system within the CDA and its ongoing commitment to comply with international standards while enhancing institutional performance. He stated, ‘This external evaluation represents a qualitative addition to the continuous development journey at the CDA, affirming our commitment to implementing best global practices in internal auditing. We also appreciate the constructive collaboration with the Dubai Financial Supervision Authority, which helps reinforce governance and transparency principles and supports our efforts in fostering continuous improvement and enhancing operational efficiency.’
Expert Consulting Services
Through its specialized consulting and evaluation services, the Dubai Financial Supervision Authority provides a comprehensive suite of expertise to regulated entities. This includes governance, risk management, compliance management, internal control, and internal auditing. These services are designed to support the development of robust governance frameworks and enhance the overall effectiveness of internal audit functions across various governmental and public sector organizations.
Frequently Asked Questions
What is the purpose of the quality assessment?
The quality assessment aims to evaluate adherence to international internal audit standards and enhance governance.
How often should a quality assessment be conducted?
A quality assessment should be conducted at least once every five years.
What was the rating received by the Community Development Authority?
The Community Development Authority received a rating of ‘Generally Compliant’.
Who leads the consulting services at the Dubai Financial Supervision Authority?
Faisal Kazem is the Director of Consulting and Business Excellence at the Authority.
What areas do the consulting services cover?
Consulting services cover governance, risk management, compliance management, internal control, and internal auditing.
