Business & Money | Wednesday 3 August, 2016 5:23 am |

The UAE Internal Auditors Association (UAE-IAA), The Institute of Internal Auditors (IIA-Global) Affiliate in the UAE, has announced the 2nd Best Practice Award in Internal Audit to be held in Abu Dhabi this year.

After the successful launch of the 1st cycle in 2015 in Dubai, the prestigious award once again aims to appreciate and encourage participants to benchmark their best practices against a defined model with a set of performance indicators, resulting in business productivity for their organizations.

The first cycle of the Best Practice Award received an overwhelming response from organizations and created a culture to share Best Practices within Internal Audit departments in the region. Grounded on last year’s success, the UAE IAA will continue to promote the initiative and officials are hopeful that this year the number of entries will increase and the impact will be bigger.

The award ceremony is in line with the strategic vision of the UAE IAA to raise the performance of government and private entities and encourage them to implement global quality and excellence standards through advanced internal auditing processes. 

The award is designed to encourage the organizations challenge their approaches for better management processes thereby achieving higher results, share with the business community successful practices and create awareness about internal audit profession among smaller business entities.

Participation is open for local, regional and foreign multinationals, government entities and small and medium enterprises. Categorised into three categories Governance, Risks & Controls, IT and Fraud, the final date for the submission is 15th September 2016 and the shortlisted finalists will be announced on October 6th. These shortlisted submissions will be presented to the jury on 9th November and the winners will be announced officially on 10th November 2016. 

The UAE IAA firmly believes that innovation and creativity have become critical skills for achieving success in developed economies. The need for creative problem solving has arisen as more and more management problems require creative insights in order to find suitable solutions. Hence there will be special emphasis on innovation while adjudging the winners. Apart from Innovation, the award criterion include implementation, benefits to organization and benefits to internal auditing.   

Mr. Abdulqader Obaid Ali, President of UAE-IAA, expressed his vision saying, “It is our honour to host the 2nd Best Practice Award in Internal Auditing once again. We are the pioneers in the region to provide internal audit professionals with such valuable knowledge, tools and techniques to implement new and effective internal auditing methods within their organizations.”