The UAE Ministry of Finance has announced the signing of MoU with Emirates Authority for Standardization and Metrology (ESMA) and with the Financial & Administrative Affairs Department of Ajman (AJFD).

With these MoUs, the Ministry aims to enhance cooperation with these two entities as it does with various other governmental authorities in UAE at the federal and local levels.

Younis Haji Al Khoori, under secretary of Ministry of Finance (MoF), signed the deals with Mohammed Saleh Badri, acting director general (ESMA) and Walid Khalil Al-Hashimi, AJFD director general at ceremony held at MoF headquarters in Dubai.

These MoUs will strengthen mutual relationships and ensure implementation of best practices and experiences in common areas. They will also help exchange expertise in financial management and strengthening of their role, said a MoF statement.

In addition, the agreements will facilitate exchange of information and data, organization of joint events and activities and build a strong strategic partnership, it added.

MoF and AJFD will exchange expertise in developing legislation and related financial systems, develop mechanisms for preparing budgets, following up with implementation, preparing accounts and exchange experiences in internal audit and risk management.

MoF and ESMA will periodically follow-up and evaluate the efficiency of financial audit applied and provide consultancy in legal, accounting and financial fields. The agreement aims to identify legal and administrative frameworks while determining tasks necessary to ensure the independence of audits.

According to the agreements, the parties agreed to organize joint training courses and workshops that qualify employees in finance and internal audit.

Commenting on the agreements, Al Khoori said: 'By singing such agreements with various governmental bodies, MoF seeks to develop their financial performance and frameworks. We also aim to enhance mutual cooperation by providing the best financial systems in accordance with international practices and standards.'

'We are proud of these partnerships that create bridges between all ministries and governmental agencies realted to the financial domain and contribute to sustainable and balanced economic development in the UAE,' he added.

Al-Hashimi said the deal is in line with UAE’s strategy of enhancing co-operation and co-ordination between the governmental bodies and assuring joint work.

'This will advance development, ensure the financial stability and guarantee the best use of governmental resources through implementing active and wise financial management and policies.'

'We seek to implement best practices to enhance UAE’s financial and economic policy and secure sustainable development at federal and local levels,.' he added.-TradeArabia News Service