Auditing industry helps UAE’s economic competitiveness, boost investor confidence and drive inward investments
Auditors strengthen operational efficiency of businesses
UAE has 45 per cent of region’s 7,000 internal auditors
Dubai to hold global Internal Auditors conference in May
Business leaders from 110 countries to attend
Mohamed AlAbbar, Founder-Chairman of Emaar Properties, a multinational real estate development company, has asserted that the focus of UAE, the Arab world’s second biggest and diversified economy, on promoting smart innovation and leveraging the latest advances in technology will help strengthen the internal audit function to not only proactively identify challenges in business governance but also streamline operations.
The highest standards of auditing principles are upheld by the business community and integrating the digital advances is central in promoting the UAE’s reputation as a global hub for business, said AlAbbar.
Alabbar, who sits on the board of several public and private companies and credited for their success, said the auditing industry will benefit from Dubai scheduled to host the International Internal Auditors Conference for the first time in the Middle East.
He remarked: “This is a testament to the UAE’s reputation as a global hub for the financial industry, and underpins the strong and world-class infrastructure that our nation provides in hosting global events of such stature.” AlAbbar, who will be a guest speaker at the conference, said “the auditing industry plays a central role in ensuring that businesses function to the highest standards of corporate governance, ethics, financial discipline and transparency.
The learnings and insights that the global forum will present will help auditing, financial and business entities in the nation – and the region – to be on par with global standards. This will help further strengthen the UAE’s economic competitiveness, boost investor confidence, and drive inward investments, in addition to strengthening the operational efficiency of businesses, he added.
Talking about the era of disruptive technology, blockchain and FinTech among other, he said: “Digital technology is transforming every aspect of business and the way we live. With the UAE’s focus on promoting smart innovation, leveraging the latest advances in technology will help strengthen the internal audit function, enabling it to – not only proactively identify any challenges in business governance – but also streamline operations to ensure that the highest standards of auditing principles are upheld by the business community. Integrating the digital advances is central in promoting the UAE’s reputation as a global hub for business.”
About internal audit profession contributing to good corporate governance, detecting fraud, statutory compliance and enhancing the credibility and efficiency of organisations, he said the internal audit function serves as a gate-keeper, ensuring that businesses operate to all required regulatory controls and compliance standards. “In a fast-changing business environment, where technology is reshaping the way we do business, ensuring that we have adequate checks and balances is imperative.”
He added: “The internal audit profession delivers the noble task of driving business compliance, and in helping proactively detect any vulnerabilities that will impact business in the long-run. Through rigorous monitoring by the internal audit function, businesses can ensure their competitiveness as well as safeguard credibility and brand value.”
The four-day Institute of Internal Auditors’ (IIA) International Conference will take place in Dubai from May 6 to 9 under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai. More than 3,000 business leaders, policymakers, politicians and experts from 110 countries will be discussing different topics related to the conference theme, Connecting the World through Innovation. More than 70 topics related to the Internal Audit profession, including digitisation, Governance and Risks, Fraud and Corruption, Information Security, Public-Sector Auditing, Disruptive Technology and Artificial Intelligence (AI) will be discussed. Of the 7,000 internal auditors in the region, 45 per cent are in the UAE of whom 22 per cent are Emirati.