OQ explores significance of internal auditing to boost governance

Business Wednesday 24/May/2023 19:43 PM
By: Times News Service
OQ explores significance of internal auditing to boost governance

Muscat: OQ, the global integrated energy group, is commemorating Internal Audit Awareness Month, observed worldwide in May each year. This initiative aligns with OQ's vision and plans to bolster its institutional performance and quality assurance following international auditing systems and standards.

To celebrate this occasion, OQ has launched a roadshow to raise public awareness about internal auditing within the group. Recognising the importance of fostering transparency in internal auditing and governance procedures, the event showcases the accomplishments in this area. It underscores the value contributed by internal auditing departments to their respective organisations.

Distinguished guests, including officials from the Oman Investment Authority (OIA), the Institute of Internal Auditors (IIA) in Oman, and executive management team members, attended the roadshow.

During the event, Abdulrahman bin Ahmed Al Harthi, Chief Executive Assurance at OQ, delivered a speech emphasising, "This initiative was launched to increase awareness about the significance of internal auditing and its role in supporting the Group in achieving its objectives following international standards. OQ leverages cutting-edge internal auditing technology, including software like Qlik Sense, TeamMate, and Celonis."

Al Harthi added, "We are dedicated to nurturing an internal auditing culture at OQ by implementing various measures, the most notable being the adoption of digital auditing procedures and the automation of our auditing systems. This roadshow aims to strengthen the vital functions of risk management, control, and governance carried out by the internal audit departments within the Group. It will also reinforce the value of assurance in supporting OQ's risk management strategy and the overall governance framework of the group."

OQ endeavours to enhance the skills and capabilities of its people by providing specialised training programmes in various fields that support internal auditors in their work. OQ aims to achieve this objective by collaborating with international training organisations such as the Institute of Internal Auditors (IIA).

The roadshow addressed the assurance structure and internal processes, covering topics such as internal audit planning, audit implementation, digital transformation initiatives, audit management systems, and data analytics. It also reviewed audits conducted over the past few years and underscored the significance of their findings.
The purpose of organising this event was to communicate the importance of internal auditing and its role within the operations of the OQ Group. The Institute of Internal Auditors, which initiated the international "Internal Audit Awareness Month," seeks to emphasise the importance of internal auditing throughout May each year. It provides specialists in this field with an opportunity to shed light on the origins of this profession and its role in diverse organisations.