Law No. (8) of 2011
Amending
Law No. (8) of 2010
Concerning the Financial Audit Department[1]
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We, Mohammed bin Rashid Al Maktoum, Ruler
of Dubai,
After perusal of:
Law No. (8) of 2010 Concerning
the Financial Audit Department (the “Original Law”),
Do hereby issue this Law.
Articles (2), (3), (9), (10), (25), (27), and (28) of the
Original Law are hereby superseded by the following:
The following words and expressions, wherever mentioned in
this Law, will have the meaning indicated opposite each of them unless the
context implies otherwise:
|
Emirate: |
The Emirate of
Dubai. |
|
Ruler: |
His Highness the
Ruler of Dubai. |
|
Government: |
The Government
of Dubai. |
|
Executive
Council: |
The Executive
Council of the Emirate of Dubai. |
|
FAD: |
The Financial
Audit Department. |
|
Director
General: |
The director
general of FAD. |
The provisions of this Law will apply to the Financial
Audit Department established pursuant to the above-mentioned Law No. (3) of
2007. FAD is hereby affiliated to the Ruler.
The Director General will have the duties and powers to:
1. prepare the strategic plan of FAD and follow up
its implementation;
2. prepare the draft annual budget of FAD and
follow up its implementation;
3. prepare the organisational structure of FAD,
including its technical, administrative, and financial organisational unit levels;
and submit the same to the Ruler for approval;
4. undertake the general supervision of FAD
employees and ensure effective performance of the duties and functions assigned
to them;
5. issue resolutions governing the work and human
resources of FAD and regulating its work processes; and
6. represent FAD before third parties, and enter
into contracts and agreements as required for the achievement of FAD
objectives.
1. All entities subject to audit must meet the
requirements of FAD by extending all support required to enable it to perform
its duties in accordance with the laws and regulations in force and the
provisions of this Law.
2. The entities subject to audit must provide FAD
with their draft closing financial statements in order for FAD to issue annual
reports on these statements, including relevant notes. These reports will be
submitted to the competent authority to take the necessary action before the
date scheduled for approval of the statements.
3. The Director General will prepare a general
annual report on all FAD activities, the outcome of the audit it conducts, the
key audit notes, and the requirements or recommendations proposed to redress
any deficiencies. This report will be submitted to the Ruler.
4. FAD will prepare special reports on any critical
matter that requires review by competent authorities.
In the event that a dispute arises, in the course of
exercise by FAD of its duties under this Law, between FAD and any entity
subject to audit, that dispute will be referred to the Ruler to take
appropriate action.
1. The
financial year of FAD will commence on 1 January and will end on 31 December of
each year.
2. FAD
will have an independent budget, which will be submitted to the Ruler for
approval no later than mid-December of each year.
3. FAD
accounts, records, documents, and accounting cycle will be regulated by
internal instructions issued by the Director General.
4. The
Director General will prepare the financial statements of FAD, and will submit
the same to the Ruler for
approval.
The Director General will issue the resolutions required
for the implementation of this Law.
This Law will be published in the Official Gazette and will
come into force on the day on which it is issued.
Mohammed bin Rashid Al
Maktoum
Ruler
of Dubai
Issued
in Dubai on 19 April 2011
Corresponding to 15 Jumada al-Ula 1432 A.H.
©2019 The Supreme Legislation Committee in the
Emirate of Dubai
[1]Every effort has been made to produce an
accurate and complete English version of this legislation. However, for the
purpose of its interpretation and application, reference must be made to the
original Arabic text. In case of conflict, the Arabic text will prevail.