UAE president orders financial watchdog shake-up

by Reuters
Thursday, 28 July 2011 18:49 GMT

DUBAI, July 28 (Reuters) - The United Arab Emirates is reorganizing its audit bureau, state news agency WAM reported on Thursday, extending its powers to include fighting corruption in the entities it controls. 

   The audit bureau is the supreme organ of financial control and accountability in the country, WAM said, and will have corporate, financial and administrative autonomy. 

   The chairman of the audit bureau's board will be appointed by federal decree and will be a minister. 

   "The decree also assigned the Audit Bureau besides its financial supervision task, the fighting of corruption in the entities under its control to ensure proper management and use of public funds," WAM said. 

   Some investors still think that a lack of transparency in the seven-member UAE federation is an obstacle to foreign investments following Dubai's debt crisis which rattled global financial markets last year.  

(Writing by Isabel Coles; Editing by Amran Abocar)

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