The Internal Audit Conference in Riyadh
Internal Audit is a corporate compliance requirement. Yes, it has to be done and most people find it to be onerous and time-consuming. But the reality is that the process can be useful and provide value to the business if you know how to approach it correctly.
The internal audit function is a corporate compliance requirement in Saudi Arabia. The Internal Auditing Standards Board of the Institute of Internal Auditors (IIA) was established to create standards, principles, and guidelines for the practice of internal auditing. The board published an official statement related to “Audit evidence” in November 2019. It defines it as: “the information and supporting documents that an auditor is uses in establishing a conclusion on which an audit opinion is based. An audit evidence contains records, documentation, explanations and other information obtained or prepared during the course of an audit engagement”.
On Tuesday the eighth yearly internal audit conference started in the Saudi capital Riyadh.
This is being managed by the Saudi Institute of Internal Auditors. The slogan for the conference is ‘The Future of Internal Audit’. The conference is being patronized by the Institute of Internal Auditors’ chairman of the board of directors and president of the General Auditing Bureau.
The purpose of the two-day conference is to redesign the key elements of the profession of auditing to bring it in line with the reform plan Kingdom’s Vision 2030. It also aims to review the control systems globally and to develop the internal audit profession up to the new worldwide standards.
The conference is being attended by representatives of international organizations and companies, international and national specialists in internal auditing and control systems, and is headed by the International Institute of Internal Auditors’ president and CEO.
The event will study the importance of governance in crisis management and in the continuity of business. It will also include different sessions, presentations, workshops, dialogue, and discussions on the latest trends in internal auditing and will explore enterprise level risk tools as well. The conference is also aimed at studying the growing demand for internal auditing in the Kingdom. This rising growth highlights the human resources in the internal audit filed that the Kingdom would be needing in the immediate future. Several large size organizations in Saudi Arabia, specifically the real estate, have already started to implement internal auditing in their organization as a vital corporate governance and control tool. There is surely a great demand of internal auditors in KSA in the foreseeable future.