The Al Faisaliah Group established the Internal Audit function in 1994 to compliment and reinforce its long-time use of external auditors.
The function reports into the Board of Directors Audit Committee, as is best practice, to maintain independence and objectivity.
The team consists of internal auditors based in the Group Holding who bring specialist expertise to bear in the various Sectors, as well as Sector-based internal audit representatives.
The key objectives of the Group’s Internal Audit function are to:
- Assess and make appropriate recommendations for improving the governance process.
- Promote appropriate ethics and values within the businesses.
- Ensure effective organizational performance management and accountability.
- Effectively communicate risk and control information to appropriate areas of the business.
- Effectively coordinate the activities of and communicating information among the Group, sectors, internal and external auditors.