This is the highest internal audit profession opinion on a scale of ‘generally conforms’, ‘partially conforms’, and ‘does not conform’, according to a press release issued by Ominvest.
The ‘generally conforms’ rating means that an internal audit activity has a charter, policies, and processes that are judged to be in conformance with the international standards in all material aspects.
The external quality assessment was conducted by a visiting team from the IIA. According to the IIA standards, external assessment must be conducted at least once every five years by a qualified, independent assessor or assessment team from outside the organisation.
Jamal al Hooti, chairman of the audit and control committee at Ominvest said, “Ensuring that the internal audit department is in conformance with International Internal Audit Standards, provides the committee a comfort of the professionalism and robustness of internal audit process and procedure.”
“The board of directors at Ominvest strongly believes that a good corporate governance practice is a vital tool to maximize shareholder values,” he added.
Abdulaziz al Balushi, Ominvest’s group CEO 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 added, “The independent expert’s assessment of our internal audit has enhanced creditability of our internal audit and their value adds to Ominvest Group.”