Latest news with #InternalAudit
Times of Oman
26-05-2025
- Business
- Times of Oman
OQ Group hosts Internal Audit Forum
Muscat: OQ, the global energy investment group, hosts the Internal Audit Forum in collaboration with the Institute of Internal Auditors Oman and KPMG. The two-day event, held under the auspices of Sheikh Ghosn Hilal Al Alawi, Chairman of the State Audit Institution (SAI), welcomed over 300 internal audit professionals from the public and private sectors. In his remarks, Abdulrahman Ahmad Al Harthy, Chief Internal Audit Officer at OQ Group, stated: 'Hosting this forum reflects OQ's commitment to strengthening effective audit practices and contributing to developing transparent, accountable, and well-governed institutions. We consider internal audit a central pillar for organisational empowerment and decision-making.' The forum coincided with International Internal Audit Awareness Month and convened experts from around the world to explore the evolving role of internal audit as a strategic business partner. Discussions addressed a wide spectrum of themes, including the digital audit revolution, emerging geopolitical risks, ESG considerations, cybersecurity, and integrated assurance models. The agenda was designed to equip internal auditors with the tools and insight needed to elevate performance, build trust, and drive organisational resilience. 'At OQ, we celebrate International Internal Audit Month with impactful initiatives and knowledge-sharing platforms, investing in national talent and exchanging expertise with global peers to uphold best practices in control, compliance, and risk management,' Al Harthy added. Forum sessions examined global audit trends, regulatory shifts in Oman, and the future of internal audit excellence, underscoring its role in advancing sustainable governance models aligned with Oman's national strategies. Delegates explored how internal audit can add strategic value across organisations through greater integration, innovation, and agility. The forum was attended by more than 300 internal auditors from various public and private sector organisations. Also in attendance were members of the Board of the Institute of Internal Auditors in Oman, the Oman Investment Authority, senior executives, and representatives from the Institute of Internal Auditors Global. This initiative is part of OQ's broader transformation journey to embed accountability, resilience, and performance across its business, while supporting national efforts to foster a modern, responsible, and innovation-led private sector
Times of Oman
19-05-2025
- Business
- Times of Oman
State Audit Institution celebrates Internal Audit Awareness Month
Muscat: State Audit Institution (SAI) joined institutions and organisations from around the world in celebrating "Internal Audit Awareness Month,' which falls on May every year. This annual occasion aims to highlight the importance of internal audit in enhancing transparency and efficiency within institutions. It affirms the pivotal role that internal audit undertakes in strengthening governance, managing risks, and ensuring compliance with regulations and standards. Commenting on the occasion, Imad Abdullah Al Shanfari, Director of the Internal Audit Department at SAI, stated that internal audit departments serve as a safety wall and the first line of defence in the financial and administrative operations of both government and private institutions. He noted that the primary objective of internal audit is to provide independent and objective assurance that the institution's risk management, governance, and internal control processes are functioning effectively, thereby ensuring the institution's ability to achieve its goals. Al Shanfari pointed out that the importance of internal audit lies in its role as a key element institutions rely on to ensure the efficiency and effectiveness of financial, administrative and operational processes. Through internal audits, officials can identify gaps that may affect performance, enabling them to take corrective actions in a timely manner. Internal audit is also an important part of governance as it helps enhance transparency and ensures that all operations are conducted in accordance with the established laws and regulations. Furthermore, Al Shanfari stressed that fully leveraging internal audit to improve organizational performance requires implementing practical changes based on audit findings. This is accomplished by acting on the recommendations provided by internal auditors, which help institutions enhance processes, reduce costs, and improve efficiency. Regarding its focus on internal audit departments, Imad Al Shanfari emphasised that SAI places great importance on these departments within the entities subject to its audit. This is achieved through year-round training programs for internal audit staff, as part of the ongoing collaboration between SAI and the units of the State's Administrative Apparatus, with the aim to enhance professional awareness, activate institutional partnerships to protect public fund, improve resource efficiency, and strengthen professional competencies. Al Shanfari added that SAI issued in 2015 Internal Audit Manuals, which include The General Manual for Internal Audit Methodology (for Ministries and Government Units) , the Internal Audit Procedures Manual (Financial and Compliance), and the Supporting Tools Manual for Operational and Strategic Audits.
