Fraud Prevention: Spotlight of Gulf Audit Conference

Sarah Woodman, Global events journalist
April 06, 2011 /

The 12th Annual Regional Gulf Audit Conference held in Dubai last April 4-5 highlighted the importance of internal auditing in fraud risk assessment.

In the inaugural address, the UAE Minister of Economy Sultan Al Mansouri said that the post global economic downturn phase has seen Internal Audit assuming greater significance, with the pressing need for efficient corporate governance, risk management and compliance systems across boards and organizations. As a first-mover in transforming the regional business environment, the UAE should reflect the highest standards in corporate governance and embrace international best practices.

UAE International Audit Association President Abdulqader Obaid Ali followed with a welcome address wherein he noted that internal auditors are the best to perform fraud risk assessment because of their knowledge of fraud risks and ability to design audit programs to address those risks.

Ali signed a MoU with the UAE chapter of Association of Certified Fraud Examiners to initiate cooperation and projects that create awareness of fraud risk assessment and the key role internal auditors assume.

The conference waved the theme “Transforming Dreams into Reality.” Speakers include Gunther Meggeder, Chairman of the board of The Institute of Internal Auditors; Marios Maratheftis, Regional Head of Research for Standard Chartered Bank; Roderick Winters, GM- Finance Operations, Microsoft Corporation; Joe Ioculano, Group Head of Internal Audit and Audit Committee Secretary, Mubadala; Adil Buhariwalla, Vice President Internal Audit, Emirates Group; Adele Westcott, Head of Internal Audit, The Environment Agency, Abu Dhabi.

It was participated by 100 companies, the largest it had so far.

The conference will continue with a Chief Audit Executives (CAE) Conference where 250 internal audit professionals are expected to attend and critical issues and new opportunities for growth for the internal audit profession will be discussed. The conference will be held in the same venue from April 6-7.

Both the events are supported by Emirates NBD, Du, ACL, 4Sight and Emirates Airlines.

 

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