Roads & Transport Authority - News Details

Dubai’s Roads and Transport Authority (RTA) has released its audited financial statements conforming to the international public sector accounting standards set by the New York-based Association of International Accountants. As such, RTA has become the first government entity in Dubai to adopt this accounting system. 

“Releasing our audited financial statements as per the international public sector accounting standards renders us the first Dubai Government entity to adopt this international system in financial accounting. Our objective is to benefit from these standards in realising a package of benefits such as the management of government funds according to high-class governance, and setting high standards for financial statements. The system also improves the transparency of our reports and facilitates the issuance of consolidated financial statements across the Dubai Government,” said Ahmed Al Kaabi, Executive Director of Finance, Corporate Administrative Support Services Sector, RTA. 

“RTA’s Department of Finance is keen to adopt top international standards in all operational processes. It had previously launched the basic stage of the automated cost accounting system; also for the first time in Dubai Government. It is an advanced scientific tool for registering and analysing RTA’s financial statements enabling the display of data in systematic periodic reports depicting the conditions and results of operations. It also quantifies the cost of activities, which enables RTA to carry out quality operations at the least cost and maximise the projected revenues. 

“It also enabled RTA to automate 30 procedures in various sections including budget, accounts, financial audit, treasury, revenues, costs, financial studies and collection, which has cut the number of visiting clients. RTA has also introduced the automated asset numbering and registration system (ATS), and the registration of invoices according to the eligibility system among other achievements contributing to our Smart Financial Management initiative,” he added.