Saudi Internal Auditing Expertise Shines at Global IIA Conference

Saudi Arabia’s internal auditing expertise took center stage at the 2024 International Conference of the Institute of Internal Auditors (IIA) in Washington, D.C., where the Saudi Institute of Internal Auditors (IIA Saudi) participated as a diamond sponsor, according to the Saudi Press Agency. Abdullah Saleh Al-Shebeili, Chief Executive of the Saudi Institute of Internal Auditors, highlighted that the institute’s involvement in international forums is designed to enhance the Kingdom’s global representation and showcase its leading role in the internal auditing profession.

Context and Background

The IIA’s annual international conference, held from July 15 to 17, 2024, gathered 2,300 internal auditors from around the world to discuss the latest trends and challenges in the profession. The event covered seven main topics: artificial intelligence, cybersecurity, fraud and crime, sustainability, international internal auditing standards, governance, leadership, relations with the board of directors, and human and social capital. Saudi Arabia’s prominent participation underscores its growing influence in the global auditing landscape and its commitment to advancing professional standards.

The Saudi Institute of Internal Auditors, a key player in the Kingdom’s regulatory and professional ecosystem, has been actively working to align local practices with international best practices. Its participation as a diamond sponsor reflects the Kingdom’s strategic focus on transparency, accountability, and good governance, which are essential pillars of its economic transformation under Vision 2030.

Key Details

During the conference, the Saudi Institute of Internal Auditors presented five speakers who shared successful professional experiences from Saudi Arabia. Their presentations covered a range of critical topics, including the profession’s Vision 2035, the consultant’s role in internal auditing, the integrated assurance process across lines of defense, audit considerations in construction projects, and the Kingdom’s leading role in internal auditing regionally and internationally.

Abdullah Saleh Al-Shebeili emphasized the importance of international engagement for bringing the latest advancements in the profession to Saudi Arabia. “The Saudi Institute of Internal Auditors aims to use international engagements to bring the latest advancements in the profession to Saudi Arabia,” he said. “This will enhance practitioners’ skills, bolster the professional image to align with global changes, and prepare us for future developments in the internal auditing profession worldwide. Furthermore, our goal is to benefit from the recommendations and practices that stem from the conference.”

The conference provided a platform for Saudi professionals to exchange knowledge with peers from around the globe, further solidifying the Kingdom’s position as a leader in the field. The topics discussed, such as AI and cybersecurity, are particularly relevant as Saudi Arabia accelerates its digital transformation and diversifies its economy.

Implications and Impact

Saudi Arabia’s active participation in the IIA conference signals its commitment to fostering a robust internal auditing profession that supports economic growth and investor confidence. By sharing its experiences, the Kingdom not only contributes to global best practices but also learns from international experts to continuously improve its own frameworks. This two-way exchange is vital for keeping pace with rapid technological and regulatory changes.

Moreover, the emphasis on Vision 2035 for the profession highlights Saudi Arabia’s forward-looking approach. Vision 2035 aims to elevate the internal auditing profession to new heights, ensuring it plays a pivotal role in enhancing organizational governance and risk management. As Saudi Arabia continues to implement Vision 2030, a strong internal auditing profession is essential for ensuring transparency and accountability in both public and private sectors.

Vision 2030 Alignment

The Saudi Institute of Internal Auditors’ global engagement aligns seamlessly with the objectives of Saudi Vision 2030, which seeks to build a diversified, sustainable economy underpinned by strong institutions and good governance. By promoting professional excellence in internal auditing, the Kingdom is reinforcing the foundations of its economic transformation and enhancing its attractiveness to international investors. As Al-Shebeili noted, the insights gained from international forums will help prepare Saudi practitioners for future developments, ensuring the profession remains a cornerstone of the Kingdom’s continued success on the world stage.

20 Questions

Q1. What event did the Saudi Institute of Internal Auditors participate in?

A1. The Saudi Institute of Internal Auditors participated in the 2024 International Conference of the Institute of Internal Auditors (IIA) held in Washington, D.C., from July 15 to 17, 2024, as a diamond sponsor.

Q2. Who is the Chief Executive of the Saudi Institute of Internal Auditors?

A2. Abdullah Saleh Al-Shebeili is the Chief Executive of the Saudi Institute of Internal Auditors. He emphasized the importance of international engagement for enhancing the profession in Saudi Arabia.

Q3. How many internal auditors attended the conference?

A3. The conference was attended by 2,300 internal auditors from around the world, providing a global platform for knowledge exchange and professional development.

Q4. What were the main topics covered at the conference?

A4. The conference covered seven main topics: artificial intelligence, cybersecurity, fraud and crime, sustainability, international internal auditing standards, governance, leadership, relations with the board of directors, and human and social capital.

Q5. How many speakers did the Saudi Institute present at the conference?

A5. The Saudi Institute of Internal Auditors presented five speakers who shared successful professional experiences from Saudi Arabia, covering various aspects of internal auditing.

Q6. What is Vision 2035 in the context of internal auditing?

A6. Vision 2035 is a strategic framework for the internal auditing profession in Saudi Arabia, aiming to elevate its standards and practices to align with global developments and support the Kingdom’s broader economic goals.

Q7. What role does the Saudi Institute of Internal Auditors play internationally?

A7. The institute enhances Saudi Arabia’s representation in international forums, showcases its leading role in internal auditing, and brings the latest advancements to the Kingdom to develop the profession.

Q8. Why is international engagement important for Saudi internal auditors?

A8. International engagement allows Saudi auditors to learn from global best practices, enhance their skills, and prepare for future developments, ultimately strengthening the profession in the Kingdom.

Q9. What is the significance of the diamond sponsorship?

A9. The diamond sponsorship demonstrates Saudi Arabia’s commitment to the internal auditing profession and its desire to play a leading role in shaping global practices and standards.

Q10. How does the conference benefit Saudi Arabia’s internal auditing profession?

A10. The conference provides insights into emerging trends, such as AI and cybersecurity, and allows Saudi professionals to share their experiences, fostering mutual learning and professional growth.

Q11. What is the consultant’s role in internal auditing according to the conference?

A11. The consultant’s role involves providing expert advice, enhancing audit processes, and ensuring that internal auditing functions effectively support organizational governance and risk management.

Q12. What is the integrated assurance process across lines of defense?

A12. It is a collaborative approach where different assurance providers within an organization work together to provide comprehensive risk management and control, reducing duplication and enhancing efficiency.

Q13. What audit considerations are important in construction projects?

A13. Key considerations include project management, cost control, compliance with regulations, and risk assessment to ensure that construction projects are executed efficiently and transparently.

Q14. How does Saudi Arabia’s participation reflect its global role?

A14. It shows Saudi Arabia’s active engagement in international professional communities, its leadership in the field, and its commitment to contributing to global standards and practices.

Q15. What is the Saudi Institute of Internal Auditors’ goal for international engagements?

A15. The goal is to bring the latest advancements in the profession to Saudi Arabia, enhance practitioners’ skills, and prepare them for future developments in internal auditing worldwide.

Q16. How does internal auditing support Vision 2030?

A16. Internal auditing promotes transparency, accountability, and good governance, which are essential for attracting investment and ensuring the efficient use of resources in line with Vision 2030 objectives.

Q17. What are the benefits of sharing Saudi experiences internationally?

A17. Sharing experiences enhances the Kingdom’s professional image, demonstrates its leadership, and contributes to the global knowledge pool, while also allowing Saudi professionals to gain recognition and feedback.

Q18. What future developments are anticipated in internal auditing?

A18. Future developments include greater integration of technology such as AI and cybersecurity, evolving international standards, and a stronger focus on sustainability and governance.

Q19. How does the conference help in developing the profession globally?

A19. By bringing together professionals from around the world, the conference facilitates the exchange of ideas, best practices, and innovative solutions that advance the profession on a global scale.

Q20. What is the significance of the conference for Saudi Arabia’s Vision 2030?

A20. The conference aligns with Vision 2030 by promoting professional excellence and international cooperation, which are vital for building a diversified economy and enhancing the Kingdom’s global competitiveness.

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