The role of internal auditors is more important than ever after the introduction of General Data Protection Regulation (GDPR) by the European Union as they can reduce risks as well as add value to the businesses by protecting the data that will give confidence to business partners.
This was highlighted by industry specialists during a workshop on ‘GDPR and the role of Internal Auditors’ organised by UAE Internal Auditors Association (IAA) in association with Gulf Tax Accounting Group and Business Improvement Group and how UAE companies will be affected by the new data protection regulation.
Introduced on May 25, 2018, GDPR is a new set of rules to give EU citizens more control over their personal data as well as put people in more control over their privacy. It simplifies the regulatory environment for business so both citizens and businesses in the EU can fully benefit from the digital economy. Failure to comply from 25th May 2018 may result in a fine of up to 20 million euros or 4 per cent of worldwide turnover, whichever is greater.
Commenting on the workshop, Abdulqader Obaid Ali, chairman, UAE Internal Auditors Association, said: “GDPR is a very powerful new…
