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ABU DHABI, 3rd September, 2018 (WAM) -- The State Audit Institution, SAI, today signed a Memorandum of Understanding, MoU, with the Hungarian State Audit Institution, to promote cooperation in preparing of an integrity assessment tools for IT procurement projects, as well as the exchange of knowledge in key areas of financial auditing in the public sector.

The MoU was signed at the headquarters of the SAI in Abu Dhabi by Dr. Harib bin Saeed Al Amimi, President of the State Audit Institution, Chairman of the International Organization of Supreme Audit Institutions (INTOSAI) and Laszlo Domokos, President of the State Audit Office of Hungary.

Both sides aim, through the MoU, to develop a model to evaluate IT procurement lifecycle from the intention to purchase IT products through to the installation and implementation by identifying the key processes (controls) within the lifecycle that protect purchases from all forms of corruption which lead to maintain the public funds.

Both sides will evaluate this model on a regular basis and perform the required modifications, which will be adopted by relevant INTOSAI authorities and will be available to other audit institutions.

The MoU also stipulates that both parties will discuss proposals and solutions for reducing financial corruption and harmful practices that affect public funds, as well as combat economic crimes, such as money laundering, and adopt preventive measures that any country could use to protect itself from fraud and corruption.