Page 6 - Internal Auditor M.E. (English) - June 2018

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Comment on an article entitled “Corporate Governance ... The corporate governance?
Company Life Cycle” The relationship seems
close and strong from
I would like to thank my colleague Islam Al-Rayes for his article the outset at defining MARCH 2018 WWW.INTERNALAUDITOR.ME
which focused on the role of corporate governance during each stage the internal audit. This Richard Chambers, President and CEO of
the IIA, talks about the future of IA
of the company’s growth. From my personal perspective on corporate evaluation role played environment and sustainability
Internal Audit and to support organization
governance, there are three main pillars that must be addressed at the by internal audit has Audit Committees between preventing
rolls and common errors
beginning of our discussion of the governance subject which include the been explicitly stated Highlight on Internal Audit contributions
definition, objectives, and relationships especially with internal audit, in standard 2110. The Improving Internal Audit
towards achieving company objectives.
which is more important to me as auditors. standards emphasized Strategic Planning
Performance through
First What is a Corporate Governance? There are many definitions the need for internal
for a corporate governance and as internal auditors, we are more auditors to use
concerned with the definition of the Institute of Internal Auditors (IIA). their knowledge,
“Governance: A combination of processes and structures implemented experience and
by the Board to inform, direct, manage and monitor the activities of an other features, such
organization toward the achievement of its objectives”. With multiple as independence
definitions, the growing importance of corporate governance is clearly and objectivity, to
evident in all private companies and government entities. The corporate assess corporate
governance becomes one of the most important foundations for governance system
developing the company and maintaining its value by concerted efforts in order to help
of all the parties in the organization.That is done, especially, through them achieve
establishment of strategic objectives and a set of values and principles their objectives.
that are known to all employees of the organization, developing and However, this INSIGHTS ON GOVERNANCE, RISK MANAGEMENT AND CONTROL
implementing clear policies, establishing a strong and coherent internal evaluation is effective
control system, managing and evaluating risks, and ensuring an and practical only if it is supported by
important role for internal and external audit in governance process. a strong governance system. The stronger the corporate
governance system is, the more effective and valuable the internal audit
Second What are the main objectives of corporate governance? will be.
Implementing the principles of corporate governance is of a great
importance for organizations, as it raises economic efficiency of an In conclusion, it is important to emphasize the importance of internal
organization, enhances its performance through the optimal utilization audit to sensitize all the parties about the pivotal role of governance in
of resources, reduces costs and establishes a regulatory framework achieving organization objectives.
through which objectives of the organization and ways to achieve them
are identified. Moreover, it reduces risks and corruption in organizations
through Marwan Benali
rules of good governance and accounting, disclosure and transparency, Financial Controller / Government Auditor
strengthening control and management, and enhancing confidence in
economy and companies. General Financial Control Authority
Thirdly and finally, what is the relationship between internal audit and Ministry of Tunisian Finance E-mail: benali.marwen@gmail.com
UAE Internal Audiors Association
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04 INTERNAL AUDITOR - MIDDLE EAST JUNE 2018