Business continuity risk integral to internal audit role
04 June, 2015 - Risk, governance, globalization and technology are among the many risks currently facing companies. Internal Audit plays a critical role in addressing these issues while contending with the challenge of complying with the updated Committee of Sponsoring Organizations’ (COSO) Internal Control-Integrated Framework, which is a widely used framework around the world, in which internal control is broadly defined as a process, effected by an entity's board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance.
This and many other pertinent issues were explored when the Institute of Internal Auditors (IIA) Qatar Chapter hosted its 5th National Internal Audit Conference under the theme ‘Auditing Matters’. The event, which was sponsored by Deloitte, took place over three days from May 31 to June 2 at the Grand Hyatt Hotel, Doha, and drew more than 30 international speakers to present a full program of speaking sessions, panel discussions, workshops and training.
Each day was dedicated to a specific theme, with day one focused on ‘Internal Audit’s role in enhancing the control environment’, followed by ‘Internal Audit’s role in assessing Risk Management and the Control Activities’ on day two, and ‘Internal Audit’s role in assessing information and communication’ on day three. Sessions also explored a value driven Internal Audit of Business Continuity and Disaster Discovery programs, discussed the role of Audit in Business Continuity Management Systems (BCMS), a value driven approach to focus on what matters, and effective evaluation of BCMS performance.
“Many businesses are not yet leveraging the full potential of Business Continuity,” said Fadi Sidani, partner and enterprise risk services leader at Deloitte Middle East. “However, internal audit can play a prime role in turning Business Continuity into a real driver of change, and as a way to measure and improve processes and operational efficiency. It can be a true value creator.”
On day three the topic of how data visualization helps decision-making to be faster and better in Internal Audit Analytics was presented.
“Just as the business landscape is changing and becoming increasingly complex, so Internal Audit is moving toward leveraging advanced business analytic techniques to provide deeper insights,” explains Sidani. “Data visualization tools are a compelling way to deliver results more dynamically in response to risk, explore organizational data on a deeper level, and deliver acute fact-based insights.”
IIA Board Chairman Mr. Anton van Wyk began the conference by expressing his gratitude on behalf of the profession of Internal Auditing for the support given by the Government of Qatar. A number of government ministers were in attendance, including HE Abdulla bin Hamad Al-Attiyah, Chairman of the Abdulla bin Hamad Al-Attiyah Foundation for Energy and Sustainable Development and Former Deputy Prime Minister and Minister of Energy and Industry, who gave the formal opening address. HE Sheikh Bandar bin Mohamed bin Saud Al-Thani, President of Audit Bureau Qatar, was the first keynote speaker and addressed a message to all the audience on the importance of internal auditing.
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About Deloitte & Touche (M.E.)
Deloitte & Touche (M.E.) is a member firm of Deloitte Touche Tohmatsu Limited (DTTL) and is the first Arab professional services firm established in the Middle East region with uninterrupted presence since 1926.
Deloitte is among the region’s leading professional services firms, providing audit, tax, consulting, and financial advisory services through 26 offices in 15 countries with more than 3,000 partners, directors and staff. It is a Tier 1 Tax advisor in the GCC region since 2010 (according to the International Tax Review World Tax Rankings). It has received numerous awards in the last few years which include Best Employer in the Middle East, best consulting firm, and the Middle East Training & Development Excellence Award by the Institute of Chartered Accountants in England and Wales (ICAEW).