GCA Concludes Fifth Internal Auditing Forum in Riyadh

The General Court of Audit (GCA), represented by the Saudi Center for Financial and Performance Auditing (SCFPA), concluded the Fifth Internal Auditing Forum on May 12, 2024, in Riyadh. The event, inaugurated by Dr. Hussam bin Abdulmohsen Al-Angari, Head of the GCA, gathered more than 450 experts and stakeholders from the public and private sectors to discuss the future of internal auditing in the Kingdom.

Context and Background

The Fifth Internal Auditing Forum builds on the GCA’s ongoing efforts to strengthen governance, transparency, and accountability across Saudi Arabia’s public and private institutions. Internal auditing plays a critical role in ensuring that organizations operate efficiently and comply with regulations, directly supporting the objectives of Saudi Vision 2030. The forum serves as a platform for professionals to exchange knowledge, address emerging challenges, and explore innovative solutions in the field.

Key Details

The forum featured two-panel discussions that tackled current challenges and development opportunities in internal auditing. A highlight of the event was the launch of the Knowledge Community for Internal Auditing, an initiative designed to facilitate knowledge exchange among specialists and experts in the public sector. Through discussions, workshops, and social interactions, the community aims to enhance continuous education and skill development.

In addition, an accompanying exhibition on Internal Audit Applications showcased the experiences of various entities. Participants included the Saudi Institute of Internal Auditors and organizations that have earned the External Quality Assessment certification from the Institute of Internal Auditors (IIA). Exhibitors such as the Zakat, Tax, and Customs Authority, the General Entertainment Authority, Elm Company, and SABIC demonstrated their successful implementation of internal audit roles and the resulting certification.

Implications and Impact

The forum underscores Saudi Arabia’s commitment to fostering a culture of transparency and accountability. By bringing together a diverse group of stakeholders, it promotes best practices and innovation in internal auditing, which are essential for effective governance and sustainable economic growth. The Knowledge Community is expected to become a vital resource for public sector entities, enabling them to keep pace with global standards and enhance their operational resilience.

Vision 2030 Alignment

This initiative aligns with Saudi Vision 2030’s goals of enhancing government efficiency and promoting a culture of performance and accountability. The GCA’s efforts to advance internal auditing contribute to the Kingdom’s broader strategy of building a transparent and robust institutional framework, which is crucial for attracting investment and achieving long-term prosperity.

20 Questions

Q1. What was the main event that concluded on May 12, 2024?

A1. The Fifth Internal Auditing Forum, organized by the General Court of Audit (GCA), concluded on May 12, 2024, in Riyadh.

Q2. Who inaugurated the Fifth Internal Auditing Forum?

A2. Dr. Hussam bin Abdulmohsen Al-Angari, Head of the GCA, inaugurated the forum.

Q3. How many experts and stakeholders attended the forum?

A3. Over 450 experts and stakeholders from the public and private sectors attended the forum.

Q4. What new initiative was launched during the forum?

A4. The Knowledge Community for Internal Auditing was launched to facilitate knowledge exchange among public sector specialists.

Q5. What was the purpose of the Knowledge Community?

A5. It aims to enhance continuous education and skill development through discussions, workshops, and social interactions.

Q6. What were the two-panel discussions about?

A6. They addressed current challenges and development opportunities in internal auditing.

Q7. What kind of exhibition accompanied the forum?

A7. An exhibition on Internal Audit Applications was held alongside the forum.

Q8. Which organizations participated in the exhibition?

A8. Participants included the Saudi Institute of Internal Auditors, Zakat, Tax, and Customs Authority, General Entertainment Authority, Elm Company, and SABIC.

Q9. What certification did some exhibitors hold?

A9. Some exhibitors held the External Quality Assessment certification from the Institute of Internal Auditors (IIA).

Q10. What did exhibitors showcase at the exhibition?

A10. They showcased their experiences in implementing internal audit roles and obtaining certification.

Q11. Why is internal auditing important for Saudi Arabia?

A11. It ensures organizational efficiency, regulatory compliance, and supports Vision 2030 goals of transparency and accountability.

Q12. How does the forum support Vision 2030?

A12. By promoting best practices and innovation in internal auditing, it enhances government efficiency and accountability.

Q13. What role does the GCA play in internal auditing?

A13. The GCA oversees internal auditing standards and promotes professional development through its Saudi Center for Financial and Performance Auditing.

Q14. What is the Saudi Center for Financial and Performance Auditing?

A14. It is the GCA’s center responsible for advancing financial and performance auditing practices in Saudi Arabia.

Q15. How will the Knowledge Community benefit the public sector?

A15. It will serve as a resource for knowledge sharing, helping entities adopt global standards and improve operations.

Q16. What is the significance of the External Quality Assessment certification?

A16. It demonstrates that an organization’s internal audit function meets international standards of quality and effectiveness.

Q17. Which sectors were represented at the forum?

A17. Both public and private sectors were represented, reflecting broad collaboration in internal auditing.

Q18. How does the forum contribute to Saudi Arabia’s economic growth?

A18. By strengthening governance and transparency, it helps create a stable environment for investment and sustainable development.

Q19. What are the expected outcomes of the forum?

A19. Enhanced knowledge exchange, improved auditing practices, and stronger professional networks among stakeholders.

Q20. How does the GCA’s work align with Saudi Vision 2030?

A20. It supports the vision’s objectives of efficient government, accountability, and a robust institutional framework for prosperity.

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