Protiviti eyes Bahrain chapter for auditors
Manama, January 22, 2014
Bahrain and Kuwait are the only two GCC countries yet to have a representative organisation for internal auditors, said a top official of global consulting firm Protiviti.
Protiviti's Bahrain director Arvind Benani told the Gulf Daily News, our sister publication, yesterday that the company had taken the lead in a bid to have a local association of internal audit practitioners.
"We have initiated a survey among professionals and based on the feedback received, we will decide whether we need a Bahrain chapter of the Institute of Internal Auditors (IIA) or if we can work under the existing UAE IAA chapter," he said.
Benani was speaking on the sidelines of a seminar organised by Protiviti in partnership with UAE IAA, at the Gulf Hotel yesterday.
The IIA is an international professional association with more than 150,000 members across 190 countries. It is recognised as the internal audit profession's leader in certification, education, research and technical guidance.
UAE IAA president Abdulqader Obaid Ali, who is also Dubai World chief of internal audit, was the keynote speaker at the event.
While detailing the intricacies of an audit process, he also shed light on the necessity of setting up a fraud detection department and whistle-blowing system.
In addition, the changing paradigms of internal audit landscape in Bahrain were discussed in a panel discussion featuring some of the top industry executives including Al Salam Bank chief auditor and board secretary Essa Bohijji, Social Insurance Organisation director of internal audit Jamal Al Mutawa, Bahrain Airport Company's Nayla Asgharali and Bank Alkhair head of group internal audit Muhammad Abbas Khan.
"Internal audit practitioners globally are bearing the brunt of dramatically shifting reforms and changes in the business environment, technology and regulatory landscapes," said Benani, who moderated the discussion.
"With the changing regulatory and business environment in Bahrain, the responsibilities of internal auditors are expanding and focus is now on adopting proactive approach and providing value-added service to the organisation as independent advisers to the board," he added.-TradeArabia News Service