Sharjah Islamic Bank awarded quality assurance certification for internal audit activities

SHARJAH: Sharjah Islamic Bank was awarded the Quality Assurance Certification by the Institute of International Auditors (IIA), USA branch, following a rigorous evaluation of the international audit activity’s conformance with international standards for the professional practice of internal auditing and code of ethics.

Sharjah Islamic Bank is now among the few institutions in the world to receive this level of assessment – in compliance with all international standards without exception.

Obtaining this certification by the internal Audit Department at Sharjah Islamic Bank is in conformity with the international requirements of internal audit activities, which state that an international audit activity must obtain an external assessment at least every five years by an independent reviewer. The step is, also, in line with the SIB Board’s commitment to develop SIB’s internal auditing practices by obtaining quality assurance from renowned and internationally recognised professional associations.

Speaking on the occasion, Khalaf Abdullah, Head of International Audit at Sharjah Islamic Bank, said, “Quality Assurance is a professional accreditation given following a rigorous evaluation of the internal audit activities of the bank and its conformance with international internal audit standards and best practices.

“The evaluation process identifies the internal audit’s efficiency in improving auditing environment, reducing risks, improving governance and adding value to the organisation through the auditing and related consultancies services. We have been awarded the accreditation according to the report of the international team formed by the IIA, comprising of three international experts from Spain, the UAE, and the USA, who conducted a month long study and review of SIB’s internal audit activities and processes. After 141 hours of field work inside the bank, the team studied the internal audit’s conformance with international standards (51 standards) and best practices (62 practices) as well as its application on the ground. Best practices included independency, objectivity, professional ethics, and internal and business procedures among many more.”

Abdullah added, “Obtaining this level of evaluation and conformance with all international internal audit standards and best practices is a world class achievement that reflects the board of directors and executive management’s attention to the auditing environment side by side with their attention to growing profit, to ensure the best returns for our clients and investors within an ideal auditing environment.” Every organisation seeks to conduct an independent assessment and to select specialized independent assessment agency to measure and evaluate the quality of internal audit services. This practice will give the board of directors, executive management and investment decision makers the confidence in the level of auditing environment, on the one hand, and will ensure the institution’s assets and activities are maintained, on the other hand, as well as ensuring the quality, efficiency and effectiveness of internal audit process and its employees.

USA based Institute of Internal Auditors is an independent agency that issues and updates international standards of internal audit and its best professional practices, code of ethics. The institute has representative offices across the world.

SOURCE: WAM