Office of the Internal Auditor

The internal audit aims to contribute to the organization’s success and strengthen its credibility among its stakeholders.

The Essence of Internal Audit

Independence and Objectivity

Internal audit is independent and carried out unbiasedly to add value to the organization and improve its conduct.

Added Value

The audit helps the organization achieve its goals and adds value through examination, evaluation, and providing recommendations to improve the effectiveness of processes, risk management, controls, and supervision.

Legislation and professional standard

Internal audit operations are conducted according to the provisions of the law and professional standards.

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Core

  • Governance

    Ensure proper and effective administration, efficiency, savings, and integrity.

  • Compliance

    Verify full compliance with the provisions of the law.

  • Processes

    Assess the adequacy and effectiveness of operational processes and their documentation.

  • Data

    Check the reliability of the data and information on which the records and reports are based.

  • Controls

    Determine the effectiveness and relevance of internal controls.

  • Decision-making

    Evaluate decision-making and binding instructions processes and the adequacy of their implementation.

  • Information systems

    Consider the propriety of the use of computerized information systems.

  • Risk assessment

    Identify areas of risk and legal exposure.

Process

The following are the stages of the internal audit process:

  • Initiation

    Meeting with managers and key personnel relevant to the audited activity.

  • Risk assessment

    Collection of information necessary to understand the audited activity and assess relevant risks thoroughly.

  • Planning

    Preparing an audit plan based on the review of the operational environment and the relevant regulation.

  • Data collection

    Collecting relevant and related data.

  • Data analysis

    Analyzing the accumulated data.

  • Verification

    Reviewing the draft report with the auditees to verify the findings.

  • Draft report

    Presenting a draft report to the management and discussing the findings.

  • Final report

    Distributing a final report to the prescribed addressees.

  • Audit Committee

    Discussing the report, its findings, and recommendations with the Audit Committee.

  • Follow-up

    Monitoring the implementation of the recommendations approved by the Audit Committee.

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