Who Audits the Auditor?

Introduction One of the common questions faced by internal auditors is: “Who audits the auditor?” Internal Audit examines many parts of the organisation, so it is only natural that the quality of Internal Audit itself should be reviewed from time to time. Internal Audit is covered by the International Professional Practices Framework issued by the…

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Common Pitfalls During A Fraud Investigation

Experience has demonstrated that amongst the mistakes that can befall an investigation four common mistakes in handling fraud allegations routinely occur. These pitfalls include: not investigating at all, not conducting the investigation under attorney-client privilege, not using independent investigators and not following a strict investigative due process.   1. Failing to investigate Investigative inaction is…

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Conversations with Colleagues: Mona Abbas Hussain

Dubai World Trade Centre’s Head of Internal Audit is a role model for Emirati women who aspire for leadership roles in internal audit In an exclusive interview, Internal Auditor – Middle East spoke to Mona Abbas Hussain, CRMA who has been the Head of Internal Audit of Dubai World Trade Centre (DWTC) since 2008. Mona…

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It’s time for CORPORATE GOVERNANCE in the GCC public sector

One of the key pillars of economic development and a clear indication of a healthy economy is corporate governance, and the financial crisis has increased the focus on effective governance frameworks both regionally and globally. This is evidenced by the recent introduction of corporate governance codes for banks and the Capital Markets Authority in Kuwait,…

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Social Business Risks

Many risks exist in social business covering HR, reputation, compliance, safety, Intellectual Property (IP) and more, but the perhaps the biggest risk of all is failing to leverage social business Introduction However one views social media, one point is clear; that it is here to stay. And leveraging social media for business is a valuable and cost-effective means of accelerating business objectives. Social business…

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PE

Adding Value from a Private Equity Perspective

Through the effective use of internal audit, private equity firms can grow portfolio returns As the MENA Private Equity (PE) industry returns to normalcy from the burdens of the worst global financial crisis, followed by the political uncertainties arising from Arab Spring events, newer challenges await PE investors and auditors evaluating these investments. Investors are starting to…

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Anti-corruption

The Increasing Importance of Anti-Corruption Programs

The importance of an anti-corruption program and the role of the internal auditor in ensuring it is effective For many years, the Middle East’s lack of integration with the global economy was a constraint on the region’s economic growth. Now an upswing in trade between certain countries in the region and major global economies highlights a growing shift in dynamics….

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Climbing to the top 2

Climbing to the Top

The story of how ENOC’s internal audit department elevated itself from a compliance focused function to become a valued business partner Background Emirates National Oil Company (ENOC) is a regional integrated oil & gas group owned by the Government of Dubai. ENOC has over 7,000 employees and operates through over 30 subsidiaries covering oil & gas production, storage facilities, energy…

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