Protiviti and UAE IAA Seminar reinforces need for internal audit chapter in Kuwait
Internal audit practitioners globally are bearing the brunt of dramatically shifting reforms and changes in the business environment, technology and regulatory landscape. The economic environment in Kuwait is no different. With the changing regulatory and business environment, the responsibilities of Internal Auditors are expanding and the focus on Internal Audit function has heightened.
To address the problems and challenges faced by professional auditors of the 21st century, UAE Internal Audit Association (IAA) in conjunction with Protiviti (www.protiviti.com), a global consulting firm organized a seminar on Internal Audit at Sheraton Kuwait. Attended by the Chief Internal Audit executives and Internal Audit professionals of all levels, the event witnessed participation of over 150 delegates from the public and private sector companies in Kuwait.
Abdulqader Obaid Ali, President of UAE Internal Audit Association and Chief of Internal Audit for Dubai World wasthe keynote speaker of this eventand facilitated a platform for knowledge sharing and dialogue on the growing momentum of Internal Audit function as a profession and the opportunities associated with it. He engaged the audience by sharinghis personal experiences and lessons learnt during his tenure both as a chief audit executive and an auditee.
Another presentation delivered by the IAA committee member, Ayesha Bin Lootah gave insight into the future prospects of choosing Internal Audit as a profession vis-à-vischallenges faced by young auditors. The highlight of this event was a thought provoking Panel Discussion on the changing paradigms of internal audit landscape in Kuwait featuring senior internal audit executives from leading organizations in Kuwait who echoed the establishment of a dedicated Internal Audit chapter in Kuwait in the wake of recent CMA & CBK corporate governance regulations while predicting more dynamism in the country’s business environment in 2014.
Few other topics discussed during the panel focused on the growth prospects of IA function in the next 2 years,impact of emerging trends in IT, data analytics etc. on an organization’s IA system, possible threats and opportunities for Internal Audit practitioners in Kuwait.
Protiviti MD & Head of Banking & Financial Services in Kuwait, Adnan Zakariya was the chief moderator of this discussion and shared, “Organizations in Kuwait have already embarked on the journey of recognizingInternal Audit function and the profession as a value addition rather than a mere tick in the box process. Collaborative industry initiatives such as this seminar are in the best interest of the IA function and its objective of achieving operational excellence for any organization.”
Adnan thanked the UAE Internal Audit Association & the Kuwait Internal Audit professionals for supporting this much needed forum and reiterated Protiviti’s commitment to raising awareness and making strategic contribution to improving the internal audit services in Kuwait.