Workload of Audit Committees/Board continues to evolve with the changing market conditions and regulations in the UAE
Abu Dhabi, October 2015: An increasing number of organizations are constantly evaluating the various key risks and challenges they are exposed to and hence, must have having strong considerations on ensuring adequate oversight on these risks are provided by the Board/ Audit Committee – the KPMG Hawkamah Audit Committee Institute (ACI) Conference - held in Abu Dhabi revealed today.
This is the institute’s first meet in the capital city following a very successful edition held in Dubai in June earlier this year.
Fawzi AbuRass, Partner KPMG said: “Markets around the world are increasingly realizing that falling reporting standards are making organizations vulnerable and susceptible to risks that are impacting profitability. As organizations are engaged in multiple business relationships with vendors, shareholders and investors, it is vital that they are governed by tougher set controls.”
The conference was attended by leading CEOs and company executives from several key sectors across the UAE. Dr. Ashraf Gamal El Din, CEO Hawkamah was also present at the event.
He said: “We are pleased to hold this event in Abu Dhabi – the headquarters of several key government and private sector enterprises – to reiterate the significance of risk management in enhancing companies’ competitiveness. It is more and more evident each day that strong corporate governance and proper risk management is not just a matter of box-ticking or regulation, it is a matter of business culture
There was also a moderated panel discussion and Q&A on the key risks impacting companies and the role of boards and audit committees, chaired by Dr. Ashraf Gamal El Din. The panel speakers included Fatima Al Jaber, COO of Al Jaber Group, Ahmed Maqtari, Managing Partner in Al Maqtari Auditing, Bob Sehmi - Corporate Risk Manager at Dana Gas, Nizar Bashaireh – Head of Audit & Risk at DIFC Authority and Rajeev Batra – Head of Risk Consulting at KPMG UAE.
The objective of the event was to demonstrate how Boards and Audit Committees need to have constant dialogue on the key risks as part of their agenda to effectively manage shareholder expectations, gain investor confidence, capitalize on growth opportunities and maintain a sharp focus on risk.
KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 155 countries and have more than 174,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
Hawkamah, The Institute for Corporate Governance is an international association of corporate governance practitioners, regulators, and institutions advancing home grown yet globally integrated corporate governance best practices in the region. Hawkamah's mission is to promote corporate sector reform and good governance, and assist the countries of the region in developing and implementing sustainable corporate governance strategies adapted to national requirements and objectives. By promoting its core values of transparency, accountability, fairness, disclosure, and responsibility, Hawkamah works on policy and practical aspects of corporate governance reform in the region. For more information, please visit www.hawkamah.org.
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The views and opinions expressed herein are the personal opinions of the interviewees and authors based on their personal experience working as Auditors in the industry and do not necessarily represent the views or opinions of KPMG International or any KPMG member firm.