Latest trends in internal audit discussed

The second annual Chief Audit Executive Conference, which was attended by over 150 experts, highlighted latest trends in internal audit. The two-day conference, concluded in Abu Dhabi recently, discussed the best means to consolidate corporate governance and transparency, in the presence of Philip Tarling, chairman of the Institute of Internal Auditors in the US. 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. “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,” said Abdul Qader Obeid Ali, president of the UAE Internal Audit Association. “The internal audit profession achieved a significant growth over the past few years in the UAE... and this reflects the increase in the number of members who joined the association, which reached over 1,500. The UAE holds 820 internationally certified auditors out of 2,672 in the Arab world.” Speakers discussed topics such as the challenges of applying transparency in light of the economic openness, and the relationship of institutions with external regulatory bodies. From : Khalij