MUSCAT, APRIL 21 - The Internal Audit at Oman International Development and Investment Company SAOG (Ominvest) has been awarded a rating of “Generally Conforms” to the Institute of Internal Auditors’ (IIA) mandatory guidance of the International Professional Practices Framework (IPPF). This is the highest internal audit profession opinion on a scale of “generally conforms”, “partially conforms”, and “does not conform”. “Generally Conforms” means that an Internal Audit (IA) activity has a charter, policies, and processes that are judged to be in conformance with the international standards in all material aspects.
The external Quality Assessment (QA) was conducted by a visiting team from the IIA, USA. According to the IIA standards, external assessment must be conducted at least once every five years by a qualified, independent assessor or assessment team from outside the organisation. The principal objectives of the QA were to assess conformance of Ominvest’s Internal Audit activities to IIA’s mandatory guidance of the IPPF, evaluate the effectiveness in carrying out its mission as set forth in its charter and the expectations of the Ominvest’s Audit & Control Committee Chairman and the Group CEO, and identify opportunities to enhance its management and work processes, as well as its value to Ominvest.
Jamal al Hooti, Chairman of the Audit and Control Committee said, “Ensuring that the Internal Audit Department is in conformance with International Internal Audit standards provides the committee a comfort of the professionalism and robustness of internal audit process and procedure.” He added “The Board of Directors at Ominvest strongly believes that a good corporate governance practice is a vital tool to maximize shareholder values”.
In another statement by the Group Chief Executive Officer, Abdul Aziz al Balushi said: “This achievement is very important for Ominvest Group, as we all rely on the Internal Audit team to ensure that our Corporate Governance, Risk Management, Internal Controls and other Key Functions meet the highest standards. We always look forward to the Internal Audit’s recommendations for any needed improvements in these key areas. He added, “The independent expert’s assessment of our Internal Audit has enhanced creditability of our Internal Audit and their value add to Ominvest Group.”
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