The Comptroller and Auditor General of India (CAG) and the Accountability Authority of the UAE have recently signed a Memorandum of Understanding (MoU) to enhance cooperation between the two Supreme Audit Institutions (SAI) and streamline methodologies in public sector audit. The agreement, signed by top officials from both countries, aims to strengthen bilateral trade, economic, and investment cooperation following a comprehensive Economic Partnership Agreement (Cepa) between the two nations in 2022.
Emphasizing the significance of the agreement, Abushibs of the UAE Accountability Authority highlighted how it would enhance and improve the external audit practices of the two SAIs, ultimately strengthening their bilateral relationship. The objective of the MoU is to promote cooperation between the two SAIs to enhance professional capacity and improve methodologies in public sector audit. Additionally, the agreement includes provisions for the exchange of knowledge and experiences in public auditing and capacity development programs as needed.
According to Murmu, the CAG, the MoU reaffirms the shared values and goals of the two institutions, further strengthening the ties between India and the UAE. The agreement is expected to facilitate greater exchange of knowledge and experience among SAI members, fostering cooperation and friendship between the two institutions. By enhancing cooperation, the two SAIs hope to streamline methodologies in public sector audit, accelerate audit processes, public financial management, and accountability between India and the UAE.
The CEO & managing partner of UHY James, James Mathew, commended the MoU, stating that it aims to improve efficiency in public financial management systems in both countries by exchanging audit methodologies and techniques. Mathew also highlighted the importance of capacity-building and training programs included in the agreement, which will expand auditor capabilities and enhance the quality of audits conducted in India and the UAE. The MoU is seen as a step in the right direction towards implementing international auditing standards and strengthening the global narrative on public sector auditing and governance.
Mathew further emphasized the potential impact of the MoU on the global landscape, noting that it opens up opportunities for joint audits, collaborative research initiatives, and improved public sector governance across India and the UAE. He praised the partnership between India and the UAE, stating that it elevates their financial ecosystem and audit landscape to match global standards. The agreement is viewed as a game-changer that will enhance the experience and knowledge sharing between the two countries, ultimately benefiting public sector auditing and governance on a global scale.
