The internal audit at the Oman International Development and Investment Company (Ominvest) has been awarded the highest rating by the Institute of Internal Auditors (IIA) under the International Professional Practices Framework.
The rating of “generally conforms” is the highest and means that an internal audit has a charter, policies, and processes in conformance with international standards in all material aspects.
The external quality assessment (QA) was conducted by a visiting team from the IIA, USA. According to IIA standards, external assessment must be conducted at least once every five years by a qualified, independent assessor or assessment team.
The principal objectives of the QA were to assess conformance of Ominvest’s internal audit activities to IIA’s norms, evaluate the effectiveness in carrying out its mission as set forth in its charter and the expectations of Ominvest’s Audit & Control Committee Chairman and the Group CEO, and identify opportunities to enhance management and work processes.
Jamal Al Hooti, Chairman of the Audit and Control Committee, said, “Ensuring that the Internal Audit Department is in conformance with IIA standards provides the committee comfort about the professionalism and robustness of the internal audit. The Board of Directors at Ominvest strongly believe that a good corporate governance practice is vital to maximising shareholder values.”
In another statement, the Group Chief Executive Officer, Abdul Aziz Al Balushi, said, “This achievement is very important for Ominvest Group, as we all rely on the internal audit team to ensure that our corporate governance, risk management, internal controls and other key functions meet the highest standards. We always look forward to the internal audit’s recommendations for any needed improvements in these key areas.”
He further added, “The independent expert’s assessment of our internal audit has enhanced its credibility and its value-add to Ominvest Group.”
Muneer Al Mughairy, Chief Internal Auditor, said, “The result of the review is a clear endorsement that our key stakeholders are getting a professional internal audit service. This achievement highlights the professionalism of Ominvest’s internal audit team under the guidance and leadership of its Board of Directors, Audit and Control Committee and the Group CEO.”