Dubai’s Financial Audit Authority (FAA) has completed its first internal audit quality review for the Community Development Authority (CDA). This review comes as tensions rise in the region, with expectations of US and Israeli strikes on Iran.
The FAA rated the CDA as ‘Generally Conforms’ after the assessment. This rating indicates a high alignment with global internal audit standards.
The external assessment is part of FAA’s core consulting services aimed at enhancing governance and oversight practices. Faisal Kazim, director of FAA’s Consulting & Business Excellence Department, emphasized that delivering independent quality assurance assessments is crucial for improving governance.
Talal Al Hashmi, CDA’s internal audit and risk management director, noted that this external assessment represents a valuable addition to their continuous development journey.
According to global standards, such external quality reviews are required at least once every five years. The FAA’s role includes supporting government entities in governance, risk management, compliance, and internal control.
As of midday Tuesday, reports indicate that the UAE’s oil export facilities have been targeted by Iran amid escalating tensions. This has led to heightened concerns over regional stability.
Within hours, US airforce jets were scrambled over UAE and other Gulf states to conduct combat air patrols. Brent oil prices surged due to market worries about the escalating conflict.
A source indicated that Dubai expects US and Israeli strikes on Iran within the next 24 hours. This anticipation adds to the already tense atmosphere in the region.