Page 180 - ELM- JANUARY & FEBRUARY 2023

1/20/23, 10:54 AM Elm Was Awarded “The Certificate of Compliance with the Inte... | MENAFN.COM
advanced level of internal audit compliance with international standards, and

applauded the efforts of Elm's Internal Audit Division, which directly contributed to

satisfying the requirements of those standards.
For his part, Al- Hidery explained that meeting the international standards of

internal audit requires evaluating the company's audit activities by an external and

independent entity every five years. Accordingly, Elm's Audit Committee selected

IIA SA to serve as an independent external assessor for Elm's internal audit

activities and processes. He stressed that Elm will continue to work on meeting
these standards to demonstrate its capacity to foster quality improvement,

independence, and objectivity in the long term.

It worth mentioning that according to the regulation issued by the Council of

Ministers, IIA SA seeks to develop the internal audit profession in the Kingdom by

adhering to best professional practices in accordance with the international
framework for the administrative practices of the internal audit profession issued

by the Institute of Internal Auditors (the IIA). IIA SA also aims to develop

professional staff, and activate the supervisory role of the internal audit profession,

to achieve the aspirations of the wise Saudi leadership and keep abreast of

developments in the Kingdom.

It is noteworthy that Elm believes in the critical role of governance, the value of a
sound internal and external audit system and a solid internal control process, the

need to develop systems and plans related to these activities and monitor their

implementation, and the importance of Elm's compliance and alignment with

existing regulations and standards. All these factors will impact the company's

culture, work environment, and performance in the long term.

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