Muscat: The State Audit Institution (SAI) joined other institutions and organisations from across the world in commemorating Internal Audit Awareness Month in May.
This annual event emphasizes the significance of internal audit in improving transparency and efficiency in organizations. It emphasizes the critical role of internal audit in improving governance, managing risks, and verifying regulatory compliance.
Imad Abdullah Al Shanfari, the SAI's Internal Audit Department Director, remarked on the occasion that internal audit departments act as a safety net and the first line of defence in the financial and administrative operations of both government and commercial institutions.
He emphasized that the major goal of internal audit is to deliver independent and objective assurance that the institution's risk management, governance, and internal control systems are functioning properly, ensuring its ability to meet its objectives.
Al Shanfari emphasized the significance of internal audit in guaranteeing the efficiency and effectiveness of an institution's financial, administrative, and operational activities.
Internal audits allow officials to detect performance gaps, allowing them to take remedial measures in a timely manner. Internal audit is an important component of governance since it promotes transparency and ensures that all activities are carried out in accordance with existing legislation and regulations.
Furthermore, Al Shanfari emphasized that fully utilizing internal audit to enhance organizational performance entails making tangible improvements based on audit findings. This is accomplished by acting on the findings of internal auditors, which assist institutions in improving processes, reducing expenditures, and increasing efficiency.
Imad Al Shanfari stated that SAI places a high value on internal audit departments inside the organizations that it audits, with a focus on those departments. This is accomplished through year-round training programs for internal audit personnel, as part of ongoing collaboration between SAI and the State's Administrative Apparatus units, with the goal of increasing professional awareness, forging institutional partnerships to safeguard public monies, improving resource efficiency, and developing professional capabilities.
Al Shanfari said that SAI released Internal Audit Manuals in 2015, including The General Manual for Internal Audit Methodology (for Ministries and Government Units), the Internal Audit Procedures Manual (Financial and Compliance), and the Supporting Tools Manual for Operational and Strategic Audits.
