Ominvest hosts third annual internal audit forum for group companies

Business Tuesday 30/May/2023 17:55 PM
By: Times News Service
Ominvest hosts third annual internal audit forum for group companies

Muscat: Ominvest, one of the leading investment companies in the region, recently concluded its third annual Internal Audit Forum as part of its participation in the ‘Internal Audit Awareness Month’.

This year, the forum also included an enriching two-day training session aimed to enhancing the skills of Internal Audit report writing for group companies. The training took place on May 30 and 31 at the Hormuz Grand Muscat.
The forum, held during the Internal Audit Awareness Month, was attended by Chief Audit Executives, Head of Internal Audit and audit team members at Ominvest and its Group companies, including Ubhar Capital, National Life & General Insurance Company, National Finance Company, Alizz Bank, and Takaful.

Muneer Al Mughairy, Chief Audit Officer at Ominvest, expressed his appreciation for the significance of the two-day training session, saying, “The two-day training session conducted by PEF Associates, Inc. was an exceptional opportunity for our auditors to learn how to elevate the impact of the internal audit report. Good audit reports should be meaningful and insightful by addressing the root causes and relevant risks to enable the board of directors and senior management to make informed decisions regarding business sustainability and growth. Internal audit reports writing is a piece of artwork that summarises the work done over weeks or months in a short manner that should attract the reader’s attention and persuade them to take immediate action to drive positive change within our organisation. This course is envisaged to teach the audit members how to bring the reader’s attention as concisely as possible by deciding on the out-most important takeaways or messages and leveraging visual formatting to draw the audience’s eyes to each message. We are confident that the knowledge gained from this training will greatly benefit our internal audit teams as they continue to add value and contribute to the success of our business by communicating with impact an objective and value-added assurance to all stakeholders."

Muneer concluded that this collaboration and initiative within the Ominvest group is in line with Ominvest's purpose statement of transforming the business to enrich societies.

Attended by auditors from Ominvest’s esteemed group companies, including NLG, NFC, and AIB, the forum’s training session was facilitated by PEF Associates, Inc. With three decades of experience and global clientele, the US-based training and consulting organisation delivered a comprehensive course on structuring and phrasing audit findings to manage risks effectively.

Participants were immersed in engaging sessions from 8:30am to 4:30pm, learning key strategies and techniques for leveraging audit findings to inform stakeholders about risk management while equipping them with the necessary tools to provoke action when required and contribute meaningfully to business operations.

Mahmood Tariq, Chief Audit of National Life Group expressed their appreciation for the comprehensive training session, stating, “The course was a highly valuable experience for auditors like myself. It provided us with advanced strategies for effectively structuring and articulating audit findings, enabling us to deliver insightful reports that inform stakeholders about risk management and drive impactful actions. This training has elevated our capabilities as trusted advisors, equipping us to contribute meaningfully to the strategic decision-making processes of our respective organisations.”

Abdul Aziz Al Balushi, Group CEO at Ominvest, emphasised the crucial role of internal audit communication skills in his keynote speech at the forum, stating, “Internal Auditors are expected to provide insight and foresight for the business. Therefore, their ability to communicate with impact will enable better decision-making by all stakeholders. Internal Audit communications should be aligned with the purpose, priorities, and risks of the organisation. Internal auditors' audit reports are expected to be accurate, objective, clear, concise, constructive, complete, and timely.”
Ominvest remains committed to nurturing the professional growth of its internal auditors and further enhancing its ability to drive positive change within the organisation. The successful completion of the internal audit forum serves as a testament to Ominvest’s dedication to excellence and continuous improvement in the field of internal auditing.