Abu Dhabi Fund for Development Implements COSO Internal Control Framework
Abu DHabi,30 Jan 2019
Abu Dhabi Fund for Development (ADFD), the leading national entity for international development aid, today announced the full implementation of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control Framework in its operations.
As the first government institution in the emirate of Abu Dhabi to roll out the effective system, ADFD confirmed that the framework will help enhance its monitoring and internal control activities.
The COSO Internal Control Framework is an all-inclusive system that provides guidance in enterprise risk management, internal control, institutional performance, governance, and fraud mitigation.
Speaking on the occasion, His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, said: “We are proud to be the first government institution in Abu Dhabi to implement the acclaimed and highly efficient COSO Internal Control Framework in our own operations as well as those of our group of companies. This multifaceted system will contribute to boosting operational efficiency, in addition to increasing the reliability of financial reports for ADFD’s executive management and Board of Directors.”
He added: “As part of an integrated strategy to ensure quality control and corporate excellence, ADFD seeks to adopt innovative best practices and international standards that will go a long way in improving the Fund’s operational performance.”
The COSO Internal Control Framework is widely recognised as the definitive standard against which organisations measure the effectiveness of their internal control systems. It employs five components to support the achievement of an entity’s mission, strategies and business objectives: control environment, risk assessment, control activities, information and communication, as well as monitoring.
COSO is a joint initiative of five private sector organisations: the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), the Institute of Internal Auditors (IIA), and the Institute of Management Accountants (IMA).