Companies owned by the Abu Dhabi Government need to issue more timely financial statements, use better data for calculating their valuations and improve the quality of audits, an oversight agency says.
The Abu Dhabi Accountability Authority (ADAA), an agency set up in December 2008 to audit the Government, investigate corruption and set up anti-fraud programmes, said in its annual report yesterday it had to issue 700 recommendations to companies to improve the quality of their audits and data.
Of the comments, 142 were marked "significant improvement required" and needed immediate rectification by the companies or entities involved, an more than double the number from last year.
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