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OOC - Internal Audit Forum

Oman Oil Company reviews progress of internal audit strategy

: Wednesday, July 02 - 2014 @ 15:32

Oman Oil Company (OOC) and its group of companies have recently held the quarterly Internal Audit Forum to assess the progress made in implementing the group internal audit strategy. Approved by the Board of Directors late 2013, the strategy is designed to support key components of the company’s structure including people, processes, risk management and stakeholders.

Abdulrahman Al Harthi, Chief Audit Executive of Oman Oil Company, said, “The Forum was a vital exercise to monitor the level of integration of our internal audit functions into all operations and among all of our companies. Internal Audit Professionals of OOC group of companies are showing their commitment to meeting the requirements for best practices, enhancing the risk management policies and improving overall corporate governance to successfully achieve business goals. Through robust compliance measures and control processes, we aim to continuously achieve the highest levels of transparency.”

The Forum sought practical alignment between the internal audit strategy and various ongoing compliance programmes including the Enterprise Risk Management and Quality Assurance Improvement. In addition, the Internal Audit Capacity Building Framework was highlighted as a fundamental element in the development of audit professionals for a successful risk-based audit plan that engages all stakeholders.

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Wednesday, July 2- 2014 @ 15:32 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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