Abu Dhabi, UAE – April 16th, 2019 – SafePaaS, the leading provider of a Complete Governance, Risk and Compliance (GRC) platform with Integrated ERP Controls, announced a solution for compliance with the Resolution number 1, introduced by the Abu Dhabi Accountability Authority (ADAA) which applies to all Subject Entities and their subsidiaries, wherever located, that are material, in providing the assurance opinion for the entity or group reporting in Abu Dhabi. The Resolution is effective for audits of subject entities contracted after the date published in the Official Gazette (15 August 2017).
Under this regulation, the statutory auditor is required to test the effectiveness of internal control over the financial reporting, which includes policies and procedures relating to significant processes; verification of the entity’s compliance with law number (1) of 2017 concerning the financial system of the Government of Abu Dhabi and instructions provided by the Department of Finance pertaining to the preparation and implementation of the annual budget and supporting resolutions and circulars; Verification of the entity’s compliance with the requirements of its law of establishment; Verification of the entity’s compliance with the requirements of laws, resolutions and circulars organizing its operations, to the extent having a financial impact.
SafePaaS solution enables management and auditor to collaborate across key regulators activities such as risk assessment, control activities, independent audit, remediation and management certification tasks. Options include a role-based dashboard to ensure that management can make timely and accurate decisions based on complete insight to proactively mitigate risks timely with an accurate and complete response to risk events.
“We are seeing a rapidly growing need from our clients in UAE to streamline and automate controls over financial systems that ensure compliance while preventing losses from fraud and waste” said Venkatesh Logasundaram, CEO of Final Quotient and GRC Solution Architect for SafePaaS. He added “With the SafePaaS integrated Audit, Risk and Compliance management solution, our clients can reduce the manual effort and costs by leveraging the controls catalog we have developed for UAE organizations based on global best practices including COSO framework adopted by many of the SafePaaS clients listed on US Stock exchanges and tested by major audit firms including PWC, EY, Deloitte and KPMG”
SafePaaS is the leading provider of a Complete Governance, Risk and Compliance (GRC) platform with Integrated ERP Controls. SafePaaS GRC solutions include Audit, Risk and Compliance Management, Access Governance, Continuous Controls Monitoring, Process Controls Management, and Predictive Analytics with integrated controls for all major ERP systems including Oracle E-Business Suite, J D Edwards, PeopleSoft, SAP, Workday, Microsoft Dynamics, and Oracle Fusion ERP Cloud. SafePaaS is a privately held corporation, serving clients in North America with a regional presence in California, New York, and Texas, as well as clients in South America, Europe, Middle East, Africa and Asia; with an international presence through a partner network and technology solution center in India.