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Participants in the ‘Audit Summit 2024’ in Abu Dhabi hail UAE as a pioneer in implementing best internal audit practices

Participants in the ‘Audit Summit 2024’ in Abu Dhabi hail UAE as a pioneer in implementing best internal audit practices
17 May 2024 10:29

HOSSAM ABDELNABI    (ABU DHABI)

Participants in the second day of “The Audit Summit 2024” in Abu Dhabi confirmed that the UAE has succeeded in advancing the internal audit profession, now ranking among developed countries in applying the best and latest international practices in this sector. They noted that the development in internal audit is due to increased awareness among companies and institutions in the UAE about the importance of internal auditors. These auditors enhance confidence, provide advisory services, ensure effective governance, improve procedures, and strengthen the confidence of stakeholders.

They emphasised that the role of the internal auditor has become more significant in the context of the UAE’s digital transformation, cybersecurity challenges, and the increase in electronic attacks targeting companies. By enhancing technological efficiency, auditors can better assess and mitigate digital risks. The UAE is now considered one of the mature markets in keeping pace with global developments in internal auditing, such as increased reliance on artificial intelligence, automation, and machine learning for comprehensive risk assessments and consulting services.

Manish Laligam, Managing Director of Protiviti Member Firm for the Middle East Region, highlighted that the UAE Internal Audit Pulse Survey 2024, conducted by Protiviti in cooperation with the UAE Internal Auditors Association, showed that 92% of participants recognise the added value of internal audit in terms of enhancing confidence, providing advisory services, and confirming the effectiveness of governance systems. Laligam stated that these results reflect the interest and awareness of UAE companies about the crucial role of internal audit beyond mere assurance activities.

Abdulqadir Obaid Ali, Chairman of the Board of Directors of the UAE Internal Auditors Association, stressed the importance of internal auditing in ensuring compliance, improving procedures, and enhancing stakeholder confidence.

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