The United Arab Emirates was recognised as a leader in corporate governance and transparency drives during the 2nd Annual Chief Audit Executive Conference, organised by UAE Internal Audit Association (UAE-IAA) in Abu Dhabi.
The conference, which concluded on Monday with the attendance of over 150 experts from major international and regional auditing firms, showcased the latest trends in internal audit.
The two-day conference discussed the best means to consolidate corporate governance and transparency, in the presence of Philip Tarling, Chairman of the Institute of Internal Auditors (IIA) in USA. The conference also stressed on the need to increase awareness around the internal audit profession and praised the vital role that internal auditors play in proper risk management and fraud prevention.
Abdul Qader Obeid Ali, President, UAE Internal Audit Association, said: “There is no doubt that the growing interest in auditing by institutions and companies, reflects the active role that internal audit departments play to protect companies from financial volatility in the global markets, through adopting the best standards of governance, accountability and transparency in order to verify that the money paid is spent efficiently, effectively and economically.”
He added, “The internal audit profession achieved a significant growth over the past few years in the UAE, in-line with the rapid growth in the national economy, and this reflects the increase in the number of members who joined the association, which reached over 1500. UAE holds 820 internationally certified auditors out of 2672 in the Arab world.”
Speakers at the Conference discussed topics relevant to the internal audit sector, such as the challenges of applying transparency in light of the economic openness, and the relationship of institutions with external regulatory bodies, as well as the ways to strengthen the relationship with audit committees.
The conference highlighted the importance of having internal auditors on board, as they are the backbone who can identify risks and ensure companies’ performance and continuity. Internal audit departments help institutions to point out permanent risks in all sections of the company or organisation, and to identify the causes and effects and provide solutions.
The UAE Internal Audit Association (IAA) was set up in July 1995, as a non-profit organization along the lines of its parent body with the support and co-operation of the Emirates Group, the Economic Department, Dubai Chamber of Commerce, Al Futtaim, Emirates Bank and Dubal. On June 24, 2006 the IIA in Dubai sought and gained approval to become IIA UAE.
In 2008 they obtained a ministerial decree from the Ministry of Social Affairs to become the UAE Internal Audit Association. The Association now has the support of leading companies from the UAE who are involved in promoting the profession of Internal Auditing through this medium.
Keeping with the mission Provide dynamic leadership to advocate and promote the profession of internal auditing throughout the UAE, UAE IIA offers regular trainings, workshops, seminars and an annual conference with the objective of promoting the profession within the business community. It has in the past invited leading speakers from various countries to share their expertise and knowledge.
From Gulf Today