Key audit training for Mumtalakat
Manama, April 3, 2012
The National Audit Office held a training seminar for Bahrain Mumtalakat Holding Company and its portfolio companies to provide an insight into the NAO law and recent developments on the type of audits conducted by it.
The session formed part of Mumtalakat's ongoing programme to ensure transparency and the best corporate governance practices across its portfolio.
"As the investment arm for Bahrain's non-oil and gas state assets, we have a duty to ensure that we conduct our work transparently and at the highest international standards," said Mumtalakat chief executive Mahmood Al Kooheji.
"The NAO performs a vital role in ensuring financial and administrative accountability of all state and publically owned entities," he stated.
"The seminar was an opportunity for us and our portfolio companies to ensure our processes are second to none as we continue our programme to entrench international best practice in corporate governance within Mumtalakat and across its portfolio," he added.
The seminar was attended by members of the finance and administration teams of Mumtalakat, and its portfolio companies including Edamah, Gulf Aviation Academy and Gulf Technics.
Mumtalakat's work in corporate governance is demonstrated by the news that it maintained its high ranking for transparency in the independent Linaburg-Maduell Transparency Index issued by the Sovereign Wealth Funds Institute.
Ranked among the top tier in the international index, Mumtalakat was placed alongside the sovereign wealth funds for South Korea and Canada and was the second highest in the region with a rating of nine out of a possible 10.-TradeArabia News Service