Arabian Business, 11 March 2022: Dubai’s Ruler has issued a Decree to ensure the finances of public-interest entities are overseen regulatorily.
Under the Decree, these entities will have to maintain up-to-date financial and administrative records so Dubai’s Community Development Authority can review them when necessary.
The Director-General of the Community Development Authority will issue a Decision about the scope of the Authority’s regulatory oversight of these entities.
It will include sources of the entity’s funding and income and nature of their expenditure.
In addition, public-interest entities should comply with transparency standards outlined by the Decree and appoint an external auditor to audit their finances.
If the entities fail to comply with the Decree, the Director-General of the Authority is authorised to take action against the entity.
This may include disciplinary action.
The Authority can also issue recommendations to the relevant authorities to dissolve the entity.
The Decree repeals any other legislation which may contradict it.
It will be published in the Official Gazette and come into force on its issued date.
Also reported in Al Bayan on 10 April 2022. For full story see https://www.albayan.ae/uae/news/2022-04-10-1.4411786.
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