In many organisations in the Gulf region, internal audit is still regarded as a cost centre rather than a necessary support function
The ongoing era of digital transformation taking place in the region promises profound change and great opportunity, but it also brings new risks and uncertainties. As the business function that evaluates risk management, internal audit could be critical to making an organisation’s digital transformation a success. Equally, unless the function embraces the transformation itself, it could become ineffective and irrelevant.
What does internal audit entail exactly? Internal audit is an ongoing assurance system that constantly evaluates a company’s internal operations, risk management and governance processes. As a result, internal audit has continuous and comprehensive access to a company’s data, making the system data-driven, and hence far more effective and accurate in its method. Essentially, internal auditors are the gatekeepers protecting the integrity of an organisation. With the drive of digitalisation across businesses, they have the opportunity now, more than ever, to become valued advisers in addition to their traditional role.
In many organisations in…
