Internal Auditors Told to Embrace Sustainability and Environmental Protection
- Abdulqader: Hosting of ‘Great Audit Minds’ (GAM) Conference in Abu Dhabi for the first time outside US is a major achievement for governance in UAE
- AED 600 billion allocated by the UAE under its environmental vision 2050
- Citizens invited to turn to internal audit profession; number expected to increase to 44%
- Banking sector will gain more importance thanks to the development of Sharia-based standards
Abdulqader Obaid Ali, Chairman of the Board of the UAE Internal Auditors Association, called on the professionals to make environmental issues an essential part of their interests due to the absolute importance they bear, especially with the increasing risks of global warming and carbon footprint annually, and to work to keep pace with the efforts of the UAE and enhance its reputation as a country that cares for the environment and contributes effectively to achieving the goals of environmental sustainability globally.
He said, “Our wise government places the environment at the top of its concerns and has allocated about AED 600 billion within its environmental vision 2050 to ensure meeting the demand for energy and sustaining growth in the UAE economy.”
Abdulqader said that the damages resulting from climate deterioration amount to hundreds of billions of dollars annually at the global level, and that internal auditors can play an active role in reducing damage to the environment in the UAE and the world in general, through research and development work, identifying gaps, developing solutions and training in the field of clean energy and spreading the culture of environmental protection and the green economy and harmonizing between the production and consumption sides among the employees of the institutions in which they work, and their closeness to decision makers and the possibility of providing advice to them to spare the risks of environmental damage to their institutions financially and morally.
He stated that the UAE Internal Auditors Association will be hosting the next General Audit Management (GAM) Conference in Abu Dhabi in October 2023 under the title “Great Audit Minds (GAM)“, for the first time outside the US is an international recognition and appreciation for the efforts of the UAE as a leading country in the field of good governance in all sectors.
Enhancing Emiratisation in the internal audit sector
Abdulqader confirmed that the association has continued to achieve tangible successes in increasing the number of Emiratis working in the internal audit sector in the country through the “HASAAD” program that it launched in 2015. He indicated that in light of the good turnout rates, it is possible to increase the number of employees working in the internal audit sector is expected to increase to 44% in the coming years.
Abdulqader called on employees to join this profession, to be among the decision makers in their institutions, and to contribute to shaping its future and achieving its vision and goals. He said that the number of citizens who graduated from the HASAAD program rose to 166, both male and female. He also called on auditors in general to constantly improve their knowledge and performance and keep pace with the challenges of the profession in the coming period so that their role will evolve to become decision-makers in their institutions.
Abdulqader’s statement and recommendations to internal audit professionals in the UAE came at the conclusion of the three-day 21st Annual Regional Audit Conference, which was held under the auspices of the UAE Ministry of Economy, in the presence of more than 1,000 international specialists and experts in internal audit.
The Conference was supported by strategic partners Beeah, EY, KPMG, PwC and Protiviti.
The experts who participated in the conference shed light on many important issues for internal auditors, including environmental, social and institutional governance, cyber security, digitization and other issues related to the internal auditor’s duties.
Achievement for the banking sector
Abdulqader stressed that the banking sector in the UAE will receive a strong push forward, as he revealed that the UAE IAA will, in cooperation with the Sharia Professionals Association, work on developing standards and practices for the organisations and banks in the country who are working based on Sharia principles, through the establishment of a guide and certification program for internal Sharia auditors in order to improve their skills in this regard.
Benito Ybarra, Chairman of the Board of directors at the Institute of Internal Auditors (IIA Global), who was invited to be the keynote speaker at the conference, emphasized the achievements made by the UAE and the region in the field of good governance in line with international governance standards.