Saudi Arabia's 'From Riyadh To The World' Auditing Initiative Showcases Best Practices In San Francisco

Saudi Arabia's internal auditing expertise was highlighted at the "From Riyadh to the World" event in San Francisco. Organised by the Saudi Institute of Internal Auditors (IIA SA), this initiative aimed to boost the Kingdom's global reputation and share professional insights. The event facilitated discussions on innovative auditing practices and included a meeting between IIA SA, led by Abdullah Saleh Al-Shebeili, and IIA San Francisco's executive team.

The gathering attracted executives from Saudi government bodies and major American firms in Silicon Valley. A key focus was on Saudi Arabia's internal auditing experiences, particularly those of the Diriyah Gate Development Authority. This authority has implemented comprehensive risk assessments to create strategic audit plans and adopted advanced methods like integrated auditing and risk assessment techniques.

Internal auditing's role in supporting Al Balad Development Company's strategic growth was also discussed. The emphasis was on proactive consulting services that help companies tackle issues before they become major problems. This approach ensures that businesses can maintain smooth operations without unexpected disruptions.

The event highlighted the use of a risk assessment model to set priorities and ensure thorough audit cycles. Enhancing operational efficiency through advanced software and real-time monitoring tools was also a significant point of discussion. These tools are crucial for maintaining high standards in auditing processes.

Improving the work environment through continuous awareness programs and training for internal audit staff was another highlight. These initiatives are conducted both locally and internationally, ensuring that staff are well-equipped with the latest knowledge and skills needed for effective auditing practices.

The success of IIA SA in promoting Saudi professional leaders on the global stage was also addressed. This reflects Saudi Arabia’s leadership in internal auditing, showcasing its commitment to excellence in this field.

Modern Technology Integration

The discussions underscored the importance of modern technology in enhancing performance quality within internal auditing practices. Leveraging technology ensures compliance while empowering governance and risk-management teams to align their efforts towards sustainable development goals.

According to 2024 rankings by the Institute of Internal Auditors, IIA SA is among the top ten professional institutes globally in the internal auditing sector. This recognition highlights its significant contributions to advancing auditing standards worldwide.

The initiative not only showcased Saudi Arabia’s innovative practices but also facilitated an exchange of valuable insights with international counterparts. Such collaborations are essential for fostering growth and development within the global internal auditing community.

With inputs from SPA