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UAECA

ACCA

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uaeca@aaa4uae.ae

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+179 4 4802220 | eameaame@dwoon.od

Page No. 17

Page No. 18

www.mofa.gov.ae

Under the auspices of the Minister of Economy rioManso Al Saeed bin Sultan ineerEng

to pleased is UAE in Auditors and Accountants of Association Theannounce

accountant certified Emirati for RegistrationUAECA

Do you want to be a recognized certified accountant globally with

equivalent to the global ACCA certificate and master's degree? Do you aspire to carry professional certificate which enables you to

assume leadership roles in the financial sector? Would you like to contribute to the leadership of the U.A.E and enhance

the global competitiveness?

Registration requirement: Hold a qualification certificate of appreciation in the field of accounting,

finance or other majors, including at least 30 credit hours in accounting sciences

For U.A.E citizens and all nationalities to certificate education the and card identity or passport the of copy a send asePle

mail-e theuaeca@aaa4uae.ae

And for inquiries please call phone 3355610010000 3:00pm to 8:00am From

employees of number of study the for fees the pay can agencies Governmentindividuals and entities other from students or have they

"Downtown" Ramadan tent "Downtown" Ramadan tent of "Emaar Properties" charming and wonderful location overlooking the Burj Khalifa, represents an ideal destination to spend quality time with family and friends in the holy month of Ramadan.

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Page No. 18

Prioritizing ADAA work

ADAA prioritizes its work and its high priority subject Entities based on the following criteria shown in the figure below:

authority) accountability Dhabi Abu the of site official the to go details more For(

Page No. 17

Objectives and strategy

Objectives

ADAA was established as an independent body on 18th December 2008 pertaining to Law No. (14) of the same year under the authority of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

ADAA's primary objectives are to:

Ensure Public Entities' resources and funds are managed, collected and expended efficiently, effectively, economically and ethically.

Ensure accuracy of the financial reports and compliance of the Public Entities with the relevant laws, rules and regulations and governance guidelines.

Promote accountability and transparency across all Public Entities.

Strategy

ADAA has set an overall strategy ensuring the right assistance and needed support is provided to all its Subject Entities, helping them enhance their performance and promoting accountability and transparency through:

Becoming a trusted and welcomed advisor to the Government and subject Entities.

Leading by example and supporting adoption of better practices. Enhancing communication and collaboration between Subject Entities and

supporting sharing of knowledge.

Page No. 16

Dhabi, and replacing the Financial Audit Authority that was first established pertaining to law No. (1) for the year 1985.

The first law to establish The Financial Audit Authority stated that it be established as an independent body reporting to the Crown Prince and limited its mandate to include performing a financial audit on the funds of Public Entities and ensuring that these funds are managed efficiently and legitimately, with no reference to the provision of performance and risk reviews or advisory and assistance and it did not include training and development of UAE Nationals in accounting and Audit. The Authority began implementation of its mandate on 15th April 1997 based on the amendments to law No. (1) Mentioned above.

Mission and vision

Vision

To be one of the top 5 accountability authorities in the world.

Mission

To help improve performance and promote accountabilities and transparency across Abu Dhabi Government and Public Entities by providing independent and objective assurance and advisory services.

Values

Page No. 15

“We were constantly led by judicious and wise leadership that nurtured our sense of responsibility and cultivated our motives to excel in everything we do; and upon announcing a vision that puts us amongst the top five governments in the world, a pathway was drawn to fulfill this aspiration and greater responsibilities became evident. This vision made every single one of us accountable.

In December 2008, we were privileged to have been given an opportunity to participate in realizing our leadership’s vision to promote accountability and transparency through the establishment of the Abu Dhabi Accountability Authority (ADAA) under the leadership of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, and with the direction of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

We took on this great responsibility knowing that we have indefinite support from our leadership, the government and the public that have all inherited the same legacy of commitment, accountability and trust from the founder of the UAE, the late Sheikh Zayed Bin Sultan Al Nahyan that had led by example and created a culture driven by these fundamentals.

Finally, we would like to conclude by showing our appreciation and gratitude to our wise leadership, our subject Entities, our people and every citizen in Abu Dhabi for their commitment and support that we consider a reassurance for success and an inspiration to achieve our vision confidently no matter what challenges the future unfolds “

H.E. Riyad Al Mubarak

Abu Dhabi accountability authority

History of Abu Dhabi accountability Authority

The Abu Dhabi accountability Authority “ADAA” was established on 18th December 2008 as an independent body reporting to His Highness the Crown Prince of Abu

Page No. 14

authority accountability Dhabi Abu

Abu Dhabi accountability Authority" (ADAA) was established as an independent body in 2008 under the authority of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

ADAA is primarily responsible for enhancing and promoting transparency and accountability across Abu Dhabi government and public entities ensuring that these SUBJECT entities are managing and utilizing their resources and funds efficiently, effectively, economically, ethically and in alignment with achieving the overall vision of Abu Dhabi.

ADAAs' responsibilities include providing these subject entities with independent and objective assurance and advisory services assisting these entities in obtaining international recognition for applying leading practices and standards. It also takes special interest in providing fresh graduates and its professionals with the right skills and knowledge to excel in the world of business and stay aligned with the latest developments in this field; through its dedicated training facility the "ADAA Training Center.

ADAA Subject Entities include all Abu Dhabi local departments, councils and authorities as well as institutions and companies in which the government's ownership is equivalent to or exceeds 50% along with their subsidiaries constituting over 300 subject entities.

Page No. 13

- Professionalism - Impartiality & Independency

- Social Responsibility

Strategic Plan

Services

- Audit of financial management and compliance with laws- Audit of performance information to assess achievement of performance measures- Audit of performance –efficiency, effectiveness, economy- Investigate fraud and mismanagement- Best practice guides to improve governance and performance

Clients

- President and Supreme Council- Federal National Council- Federal Government Organizations- People of the UAE

Objectives

- Assist improvement in public sector governance and performance- Be respected and valued by our clients- Audit federal government organizations in accordance with international auditing standards- Develop and introduce new audit methodologies to add value- Develop talent to grow Emirati professional capability- Be an employer of choice

institution) Audit State the of site official Source:(

Page No. 12

Establishment of State Audit institution

The UAE Constitution issued in 1976 under article (136) states that:

An Independent Federal Department shall be established headed by an Auditor General who shall be appointed by decree, to perform audit over the Federation and reporting organizations and bodies, as well as to review any other accounts assigned to the mentioned department for that purpose, according to the law."

Therefore, this department was established and called the SAI under federal law No.(7) of 1976, which guarantees all aspects of SAI independence (functionally and financially).

The UAE State Audit Institution (SAI) is an independent authority reporting to the Federal National Council. It is dedicated to improving accountability and standards of governance across the UAE federal government The SAI helps ensure the Federal Government properly collects monies, and that public funds are being spent wisely. The SAI also reviews that federal organizations are delivering on their stated objectives.

Its remit includes all UAE Federal Government Ministries and organizations, and corporations in which the federal government has a minimum 25% shareholding.The SAI has a total of 70 organizations to audit. Of these, 12 are corporations owned or partially owned by the Federal Government.

Today, the SAI is striving to become one of the world’s top audit institutions.

It is working towards this goal by introducing best practice auditing, recruiting the best people, and offering the best professional career path to UAE National graduates.

Mission & Vision

Mission

To safeguard public funds and assist the Federal Government in improving public sector governance and performance standards and to grow Emirati professional capabilities.

Vision Be recognized as one of the best supreme audit institutions in the world

Values

- Financial transparency & Reliability - Integrity

Page No. 11

institution Audit State

I am pleased to welcome you to the website of the State Audit Institution (the IAS ), which

we aspire to be a successful means of communication between us and you.

The SAI exercises a control role for the UAE Federal Government by working with organizations to improve governance, performance and accountability in the government sector. SAI also aims to protect public money and to ensure that expenditures match the services provided to people to maintain high growth rates in various sectors.

The SAI also strives to enhance audit methodologies, management systems and good governance in line with international best practices in the public sector. It provides the Federal National Council and the Cabinet with control reports on the reliability of information issued by the ministries, organizations and bodies of the Federal Government and the extent of their commitment to achieving its strategic objectives.

We have a clear vision in developing the audit work to enable the SAI to be among the most successful global and regional SAIs, through adopting control systems that conform

to the highest international standards. The SAI’s working methods are based on providing

independent, transparent and integrated audit processes.

We supplicate God to help us in taking responsibility towards the people and the leadership of the UAE and safeguarding public funds to serve the best interests of the country and its people.

We welcome you again to this website, and we are pleased to communicate with you continuously. We are happy to receive any comments and suggestions that contribute to the mutual benefit and enhance the reputation and prosperity of the UAE. Dr. Harib Al AmimiPresident of the State Audit Institution

Page No. 10

nsisae oee nsiisae

nsisae run

Leadership and excellence in preserving banking and financial stability.

Our mission

Through application of effective prudential supervision policies, adoption of efficient monetary policy and operation of payment systems compatible with best practices, we maintain a sound banking sector and support stability of the UAE financial system to ensure balanced economic growth.

Our values

Transparency - Committed to transparency and continuous improvement.

Professionalism - Practice sound governance.

Participation - Achieve excellence through teamwork.

Collaboration - Build and develop integrative partnerships.

Trustworthiness - Maintain the confidence of our stakeholders.

U.A.E) of bank central the of site official the visit information more For(

Page No. 9

Act as the State's financial agent at the International Monetary Fund, the International Bank for Reconstruction and Development, and other International and Arab Funds and Institutions and carry out dealings of the State with such concerns.

Board of Directors and Senior Management

Board of Directors

Chairman HEKhalifaMohammedAlKindi

Vice ChairmanHEKhalidJumaAlMajid

Governor H. E. Mubarak Rashed Khamis Al Mansoori

Members

Younis Haji Al KhooriKhalidAhmedAltayer

KhalidMohammedSalemBalama

HamadMubarakBuAmim

Senior Management

Deputy GovernorMohammed Ali Bin Zayed Al Falasi

Assistant Governor for Banking SupervisionSaeed Abdulla Al Hamiz

Assistant Governor for Monetary Policy and Financial StabilitySaif Hadef Al Shamsi

Page No. 8

its free convertibility into foreign currencies; (3) credit policy to achieve balanced growth of the national economy; (4) organization and development of banking as well as monitoring of the efficiency of the banking system; (5) function as the Bank of the Government; (6) offering monetary and financial advice to the Government; (7) maintaining government reserves in gold and other currencies; (8) acting as ‘bank of

banks’ operating in the country; and (9) acting as the financial agent of Government

at the International Monetary Fund and the World Bank and other international and regional financial institutions. The Central Bank is also authorized to handle all State transactions with such parties.

Objectives

The Central Bank formally commenced its functions on 11 December 1980 in pursuance of the provision of Union Law No. (10) of 1980, which superseded Union Law (2) of 1973, establishing the former Currency Board in the United Arab Emirates. In defining the Central Bank's objectives, Article 5 of Union Law No. (10) Of 1980 states that the Central Bank:

Shall direct monetary, credit and banking policy and supervise over its implementation in accordance with the State's general policy and in such ways as to help support the national economy and stability of the currency.

For the attainment of these objectives, the said law empowers the Central Bank to: Exercise the privilege of currency issue;

Endeavor to support the currency, maintain its stability internally and externally and ensure its free convertibility into foreign currencies;

Direct credit policy in such ways as to help achieve balanced growth of the national economy;

Organize and promote banking and supervise over the effectiveness of the banking system;

Undertake the function of the bank of the government within the limits prescribed in the law;

Advise the government on financial and monetary issues;

Maintain the government's reserves of gold and foreign currencies.

Act as the bank for banks operating in the country; and

Page No. 7

U.A.E the of Bank Central

The main responsibility of the Central Bank is formulation and implementation of banking, credit and monetary policies, to ensure the growth of the national economy of the UAE in a balanced manner.

to working also is Bank Central The the of rate exchange fixed a maintain

national the of convertibility free the ensure to and dollar U.S. the against dirham the and Banks" of "Bank as role its to addition in currencies, foreign into currency

.adviser financial its and bank Government's

History of Central bank of the U.A.E

After the creation of the United Arab Emirates in 1971, a ‘Currency Board’ was

established in May 1973, as per Union Law No. (2) of 1973. The Currency Board was mandated to issue the national currency that replaced the Bahraini Dinar and the Qatari and Dubai Riyal currencies in use at the time.

The UAE Dirham went into circulation in May 1973. Within weeks, other currencies in use were replaced by the UAE Dirham, at the rate of one UAE Dirham to a Qatari/Dubai Riyal and ten UAE Dirhams to a Bahraini Dinar.The Currency Board's functions were limited to issuing the UAE Dirham and ensuring its full coverage in gold and foreign currencies. The value of the UAE Dirham in gold stood at 0.186621 grams and it was pegged to the US Dollar at a rate of 3.94737 to a dollar, within a narrow margin.

Despite its limited mandate, the Currency Board was instrumental in ensuring the efficient organization and soundness of the banking sector. With technical support from the International Monetary Fund, the Currency Board prepared collected and classified detailed monetary and banking statistics. The Currency Board also issued annual reports and bi-annual economic bulletins.

On 10 December 1980, Union Law No. (10) of 1980 Concerning The Central Bank ,

The Monetary System And Organization of Banking was issued, creating the

Central Bank of the UAE and providing the Central Bank with authority over the organization of the monetary and banking systems in the UAE. This includes the organization of monetary, credit and banking policy in the UAE and the supervision of its implementation. The Central Bank's mandate includes : (1) issuing of the currency, as per the provisions of the said law; (2) stability of the currency as well as

Page No. 6

increases the burden on the middle of the Arab community family so I urge the consumer to rationalize spending and adjust consumption and limited to the need for only what is necessary so that the family does not sink into the choppy sea of debt burdens and concerns that spoil the human joy obey allah in Ramadan and joy of the holiday and the Year of the new school, Ramadan is a month of worship and obedience and austerity of Allah and for the feeling of the poor and trained to be patient, which is more what allah praise Him and the apostles and heavenly books, why we go out things about its purposes and why take off the real model!.

Culture of good spending

On the Arab family to reconcile the financial capacity and expenditure through a culture of good spending with a reminder that we are the people of the consumer is a product originally it must once again take care of consolidating the culture of moderate spending balanced through coordination and balance between income and expenditure, and people do not feel this fiscal deficit their budget until after the expiration of the month of Ramadan. Arab family I would also recommend the establishment of a contingency budget hoard narrow time is white shark which will benefit you in the black today as our ancestors said(old Egyptian quote), because the emergency budget as an insurance policy to confront the difficult days which arise obligations were not taken into account, and this leads us to call for the drawing side rescue plan concerning the spending goal confront the multiple obligations that need to provide a portion of their monthly income.

You control your pocket and it is not

The buyer has to deal with the purchase according to his ability and not according to his desire. If left things to the desires are unlimited and uncontrolled but the ability is the standard which must be based on the buyer so as not to draw it does not like what the burden of fiscal deficit. The scramble for the big shopping malls and markets Ramadan and markets holiday makes people up for grabs for the markets and traders greedy who do not know satiety as to increase the income generated by some of the families must not be dragged into more spending increase in income does not mean increasing the purchase because you have to buy what you want and not What the seller wants You control your pocket and it is not, propaganda and deceptive advertising idea originally fool and attract others were not publicity days contain the truth because this is not their role, but to attract people under any cover. This case causes us to appeal to the regulatory authorities in the country to rein in price rises during these seasons that consume consumer.

t)Miari Sami Dr. expert economic by Written(

Page No. 5

budget family financial and Ramadan and Economy

Useless economy in Ramadan

Dr. Sami Miari

Hanging over our skies shades holy month of Ramadan, and coincides holy month of Ramadan solutions in these years with the summer which ends in conjunction with the readiness to enter school after Eid Al-Fitr season, and this means that the three events will be due in temporal successive period not exceeding one month, in the

middle of the holy month of July may be coming to an end as people are preparing to receive the Eid al-Fitr and its consequences, and Eid al-Fitr holiday that ends so people are preparing to start the new school year and what the consequences of that by His preparations.

Contradictory behavior

It is supposed that Allah, wanted from fasting in Ramadan to target deeper than that we practice it and wanted to teach us big lessons of which we left off in the feast values instilled much wanted to go beyond what we are doing. Our behavior at these events, especially in the month of Ramadan behavior contrasts with the original cast its goals, which we unreasonable burdens as the problem lies in the way we act not in the same rituals. Economically be Arab family expense in the month of Ramadan, three times expenses in normal month, Add to that the high holiday expenses and the requirements of the enrollment of children in school until you find that there is a deficit in the Arab family budget amounted to four months because the increased expense in the month of Ramadan equivalent of three months as equivalent Eid money and go to school for another month shall be deficit by an average of four months a year.

Increase of food prices

So Income distributed to twelve months while spending the equivalent of six months and this was caused by poor financial management in the holy month. The problem is that people are dealing with Ramadan as a month of the pleasures of food and drink of meat, fruit, sweets and refreshments note that what families throw in the garbage far exceeds what is consumed and this is haram (prohibited).To make matters more than is exacerbated by high prices witnessed in the markets and shops and so the food and fruits and vegetables and clothing prices especially before the feast and go to school. This

Page No. 4

Before we welcome Ramadan in weeks, the process of preparation of shops begins

and processing purchasing temptations that attract children before adults, and men

before women, and most important of these temptations are "Meer Ramadan”

which means the supplies of Ramadan. The race begins to fill the shopping all the

harbor and shopping carts, as if these products will be carried out!

And this hunger is not limited to food but also to buy new pots and hospitality

tools. And as usual, the insatiable owners of these stores is growing every year, and

unexplained increase of prices.

And what feeds this hunger is no objection of customers, and not to stopping their

purchases, and there are reasons for these people that makes them need to buy.

Some of them concerned preparation of Iftar them and their families and increase

the mutual communication with the neighbors, so they sends and exchange food

dishes in Ramadan the holy month. Its extension in front of mosques to all who

wish. The people also like to participate in good so they send food from their tables

to those who can’t afford it to gain reward from allah.

In the Arab world purchasing power in Ramadan increases significantly year after

year, we do not need the numbers and statistics to prove or indicate to this

conclusion, the big and small supermarkets provides food products with high

quantities to persuade consumers to buy before Ramadan and this phenomenon

unfortunately include low-income people as well.

Of Ramadan shopping habits and buying widgets needed to do Iftar, accelerating

consumers to buy stocks more than their daily needs for the month of Ramadan and

this is what our eyes witnesses in our homes, we see Iftar table had been filled by

all kinds of food, including the familiar kinds and strange ones.

There is no control here in the purchasing power of consumers before and during

the holy month. Lured by the products offered in the market especially for the

month of Ramadan and buy them and finish their shopping journey with shopping

carts filled with food.

We need to warn shoppers of this negative habit in Ramadan, they consume the

bulk of the monthly family income that doubles their need in other months.

Consumers must put an end to this negative consumption in Ramadan, so our high

purchasing power of Ramadan won’t be exploited by others.

Editorial Salem Saeed Al Eisayi

Editor Page No. 3

This magazine is specialized in accounting and

auditing and economy

For sharing your opinions, suggestions or

advertising in the magazine, please contact The

Associations of Accountants and Auditors in

United Arab EmiratesThe magazine will be 6 times in 2015

First Issue 5102 5 02

2 Issue 5102 4 02

3 Issue 5102 6 02

4 Issue 5102 8 02

5 Issue 5102 01 02

6 Issue 5102 05 02

Read in this issue:

Economy and Ramadan and financial

family budget: Useless economy in

Ramadan

Important Information about:

Central Bank of the United Arab

Emirates

State Audit Institution

Authority Accountability Dhabi Abu

Issue NO. Three, 15 June 2015

Magazine Issued every two months by the

Accountant and Auditors in United Arab

Emirates

Editorial board

General Supervisor

Saif Mohammed Abed Al Muhairi

Chairman of the board

Public relations

Mohammed Ali Al Khozaimi

Vice Chairman of the board

Editor

Salem Saeed Al Eisayi

Support Services and Distribution

Omar Khamis

Contact details

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Copyright to the Association and

Auditors in United Arab Emirates

Magazine or the Association doesn’t

assume any responsibilities for what is

published articles published reflect the

opinion of the author

Magazine Issued By The Accountant And Auditors

Association In United Arab Emirates

Third issue 15-6-2015

Economy and Ramadan and financial family budgetWith Dr. Sami Miari

H.E. Riyad Al Mubarak Abu Dhabi accountability authority Chairman