Strong internal auditors key to development – Dr. Oduro Osae

Internal auditors told to assume role of trusted advisors to top management

Dubai: Internal auditors have been advised to go beyond the current responsibility and be trusted advisors as internal audit has moved beyond the regular audit mainstream and the boards, Audit & Risk committee and management look up to internal audit as the first point for reliable information.

Delivering the keynote address at the 21st Annual Regional Audit Conference (ARAC) hosted by the UAE Internal Auditors Association (UAE IAA), Abdulqader Obaid Ali, Chairman of the Board of UAE IAA, said: “Internal auditors can add value to the sustainability and ESG realm by providing assurance on reporting, assessing the adequacy of systems and controls, offering advice on how organisations can improve their sustainability and ESG practices.”

More than 1,500 internal audit professionals are attending the three-day event with the theme “ESG – Embracing Sustainability in Audit” showcasing the best the profession has to offer and providing participants from around the world with an understanding of the latest developments in internal auditing.

The conference is held under the patronage of the UAE Ministry of Economy.

Abdulqader revealed that the UAE Internal Auditors Association will be hosting the next General Audit Management (GAM) Conference in Abu Dhabi in October 2023 with a new name “Great Audit Minds’, the first time outside the US.

“We are fortunate to have the GAM, catering to the chief audit executives. We have been working with them and trying to convince them what we really can do.  We are raising the bar for the internal auditors, and if they do not measure up, they will be left behind the world lost.”

“For the first time sustainability is being given prime importance as it is the new mission, as climate change is a phenomenon affecting the whole mankind.

The UAE is committed to adopt global standards, we have to start from home to community and to the world,” he said.

Abdulqader said, for the UAE it is very important that this year is the Year of Sustainability, and in line with hosting Cop28. He said the HASAAD Program has been successful that it graduated 20 batches involving 166 nationals. IAA also conducted 72 quality assurances, out of which 17 were outside the UAE, in Saudi Arabia, Qatar, Oman, Jordan and Pakistan.

Benito Ybarra, Chairman of the Global Board of Directors of The Institute of Internal Auditors (IIA) and past chair of The IIA’s North American Board, said in his inaugural address that IIA’s global footprint offers an incredible opportunity to network, collaborate and share best practice.

“We support and encourage networking within the Middle East region and beyond, because IIA Global is committed to supporting the exchange of best practices.”

“GAM conference caters for the chief audit executives, who are the leaders of the profession from around the world. For it to come for the first time from the US to the UAE, it means that they have seen that this region is practising  good governance and maintaining global standards.”

Benito said GAM is geared up for chief audit executives. The leadership they have shown is great.  It is a higher level of networking that has been happening in North America for years and we are able to see this region's potential for everyone to come together. We are contemplating to change the role of internal auditors for so many years, and now we are redefining their role as trusted advisers to the top management.”

GAM has evolved into the premier event for internal audit leaders, offering a unique opportunity to connect with thought leaders and peers to share strategic insights and innovative ideas that boost and invigorate the profession.”

Abdulqader said the UAE IAA is joining hands with Sharia Professionals Association (SPA) to develop standards and best practices for Shariah-based departments in the UAE.

“The project is to establish a guidebook and certification programme for internal Shariah auditors to upskill them from an internal audit best practice perspective,” said Moosa Khoory, Chairman of Sharia Professionals Association.

Abdulqader listed the benefits of ESG and sustainable practices as improved financial performance, enhanced brand reputation and reduced risk.

UAE IAA, a non-profit organization, was set up in 1995 along the lines of its parent body, the Institute of Internal Auditors (IIA Global) which has 200,000 members from more than 190 countries and organizations. The UAE accounts for about 45% of the total number of internal auditors working in the region, estimated at about 7,000 auditors, of which 22% are Emiratis.

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Internal Auditors told to embrace sustainability and environmental protection

Dubai, United Arab Emirates

Abdulqader Obaid Ali, Chairman of the Board of the UAE Internal Auditors Association, called on the professionals to make environmental issues an essential part of their interests due to the absolute importance they bear, especially with the increasing risks of global warming and carbon footprint annually, and to work to keep pace with the efforts of the UAE and enhance its reputation as a country that cares for the environment and contributes effectively to achieving the goals of environmental sustainability globally.

He said, “Our wise government places the environment at the top of its concerns and has allocated about AED 600 billion within its environmental vision 2050 to ensure meeting the demand for energy and sustaining growth in the UAE economy.”

Abdulqader said that the damages resulting from climate deterioration amount to hundreds of billions of dollars annually at the global level, and that internal auditors can play an active role in reducing damage to the environment in the UAE and the world in general, through research and development work, identifying gaps, developing solutions and training in the field of clean energy and spreading the culture of environmental protection and the green economy and harmonizing between the production and consumption sides among the employees of the institutions in which they work, and their closeness to decision makers and the possibility of providing advice to them to spare the risks of environmental damage to their institutions financially and morally.

He stated that the UAE Internal Auditors Association will be hosting the next General Audit Management (GAM) Conference in Abu Dhabi in October 2023 under the title “Great Audit Minds (GAM)", for the first time outside the US is an international recognition and appreciation for the efforts of the UAE as a leading country in the field of good governance in all sectors.

Enhancing Emiratisation in the internal audit sector

Abdulqader confirmed that the association has continued to achieve tangible successes in increasing the number of Emiratis working in the internal audit sector in the country through the "HASAAD" program that it launched in 2015. He indicated that in light of the good turnout rates, it is possible to increase the number of employees working in the internal audit sector is expected to increase to 44% in the coming years.

Abdulqader called on employees to join this profession, to be among the decision makers in their institutions, and to contribute to shaping its future and achieving its vision and goals. He said that the number of citizens who graduated from the HASAAD program rose to 166, both male and female. He also called on auditors in general to constantly improve their knowledge and performance and keep pace with the challenges of the profession in the coming period so that their role will evolve to become decision-makers in their institutions.

Abdulqader’s statement and recommendations to internal audit professionals in the UAE came at the conclusion of the three-day 21st Annual Regional Audit Conference, which was held under the auspices of the UAE Ministry of Economy, in the presence of more than 1,000 international specialists and experts in internal audit.

The Conference was supported by strategic partners Beeah, EY, KPMG, PwC and Protiviti.

The experts who participated in the conference shed light on many important issues for internal auditors, including environmental, social and institutional governance, cyber security, digitization and other issues related to the internal auditor's duties.

Achievement for the banking sector

Abdulqader stressed that the banking sector in the UAE will receive a strong push forward, as he revealed that the UAE IAA will, in cooperation with the Sharia Professionals Association, work on developing standards and practices for the organisations and banks in the country who are working based on Sharia principles, through the establishment of a guide and certification program for internal Sharia auditors in order to improve their skills in this regard.

International recognition

Benito Ybarra, Chairman of the Board of directors at the Institute of Internal Auditors (IIA Global), who was invited to be the keynote speaker at the conference, emphasized the achievements made by the UAE and the region in the field of good governance in line with international governance standards.