The Comptroller and Auditor General of India (CAG) has entered into a Memorandum of Understanding (MoU) with the Accountability Authority of the UAE, with the aim of fostering collaboration between the two Supreme Audit Institutions (SAI) and refining methodologies in public sector auditing. The agreement, signed by Humaid Obaid Khalifa Obaid Abushibs, President of the UAE Accountability Authority, and Girish Chandra Murmu, the CAG, comes in the context of bolstering bilateral, trade, economic, and investment ties between the UAE and India, following the landmark Comprehensive Economic Partnership Agreement (Cepa) signed in 2022. Abushibs highlighted the significance of the agreement in enhancing and refining the external audit practices of both SAIs, noting that it would contribute to strengthening the bilateral relationship through mutual cooperation. The CAG stated that the objective of the MoU is to promote and develop cooperation between the two SAIs to enhance the professional capacity of each institution and improve methodologies in public sector auditing. Other areas of cooperation outlined in the MoU include the exchange of knowledge and experiences in public auditing and the conduct of capacity development programs at SAI India or SAI UAE as required. "This MoU reaffirms the shared values and goals of our institutions over a long period and further solidifies the existing ties between our two nations," said Murmu, adding that the agreement will create numerous opportunities for greater exchange of knowledge and experience among members of the SAIs and will also foster a spirit of cooperation and friendship between the two institutions.
James Mathew, CEO & managing partner of UHY James, noted that by strengthening cooperation, the two SAIs would be better positioned to streamline methodologies in public sector auditing. "This move aims to accelerate audit, public financial management, and accountability between India and the UAE. Beyond strengthening bilateral relations, the MoU will facilitate the exchange of audit methodologies, techniques, and best practices, which will improve the efficiency of public financial management systems in both India and the UAE," said Mathew. "As both countries navigate a dynamic business landscape, this MoU is a step in the right direction towards including provisions for capacity-building and training programs that expand auditor capabilities in both countries—thereby enhancing the quality of audits conducted in India and the UAE," he added. "With India and the UAE cementing their positions on a global scale, this MoU will enable the implementation of international auditing standards and strengthen the global narrative on public sector auditing and governance. Set to be a game-changer, this MoU opens a wide horizon of experience and knowledge that will pave the way for joint audits, collaborative research initiatives, and improved public sector governance across India and the UAE," said Mathew. "Clearly, once again, India and the UAE demonstrate the intrinsic value of their rich economic partnership, elevating their financial ecosystem and audit landscape to match global standards," he concluded.
