Transparency is Key

One of UAE’s leading business lights emphasises the role that internal auditors can play

At a seminar, held in cooperation with the UAE Chapter of the Institute of Internal Auditors, Dubai World’s director of group internal audit and business excellence, Abdulqader Obaid Ali, stressed the need for companies to practise maximum transparency in activities in order to lessen the impact of the current global financial crisis.

In front of a packed audience present to hear experts’ views on the ‘Psychology of Fraud’, Ali, chairman of the association, said that the forward-looking decisions taken by HH Sheikh Khalifa Bin Zayed Al Nahyan, UAE President, and HH Sheikh Mohammed Bin Rashid Al Maktoum, VP and Prime Minister of the UAE and Ruler of Dubai, shielded companies in the country from the consequences of the crisis and helped maintain the growth achieved by the public and private sectors.

Ali, backed by Dr. Sri Ramamoorti, partner at Grant Thornton LLP, also reiterated that the Gulf Co-operation Council economies, particularly that of the UAE, have the necessary financial resources and sufficient reserves to cope with current adverse situations and, he noted, the UAE has a flexible economic system capable of adapting to similar future fluctuations.

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“Previous experiences have proven that even during times when the region went through turbulences – political, security and economic – the UAE succeeded in holding its steady course, moving ahead with its development plans,” said Ali.     

The seminar highlighted the vital responsibilities that internal auditors have in determining the future of their companies, especially during times when rumours and reports abound. “It is high time for the presidents and CEOs of companies to listen to the opinions given by internal auditors and to carefully review the audit reports they present. Any piece of information, irrespective of its credibility, can affect public attitudes positively or negatively.” 

Being privy to the financial situations of companies, internal auditors have the responsibility to tackle fraudulent operations that may occur by applying modern and state-of-art technologies. Loyalty, transparency and professionalism should reflect in presenting accurate reports. Dubai World’s Internal Audit and Business Excellence Centre, according to Ali, has been successful in ensuring accurate internal auditing, presenting its reports with transparency to decision makers in the group’s various affiliates and departments as well as in developing its own efficient work mechanism that has enhanced its credibility.