UAE revamps watchdog; to fight graft
Abu Dhabi, July 28, 2011
The United Arab Emirates is reorganising its Audit Bureau, state news agency Wam reported on Thursday, extending its powers to include fighting corruption in the entities it controls.
The audit bureau is the supreme organ of financial control and accountability in the country and will have corporate, financial and administrative autonomy, an order issued by President Sheikh Khalifa bin Zayed Al Nahyan said.
The chairman of the audit bureau's board will be appointed by federal decree and will be a minister.
'The decree also assigned the Audit Bureau besides its financial supervision task, the fighting of corruption in the entities under its control to ensure proper management and use of public funds,' Wam said.
Some investors still think that a lack of transparency in the seven-member UAE federation is an obstacle to foreign investments following Dubai's debt crisis which rattled global financial markets last year. - Reuters
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