Transparency can lessen financial crisis impact, stresses Abdulqader Obaid Ali

Taking part in a seminar on the "Psychology of Fraud" organised by the Internal Auditors Association, Abdulqader Obaid Ali, Chairman of the Association, said that the wise and forward-looking decisions taken by His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, and His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, shielded companies in the country from the consequences of the crisis and helped maintain the growth achieved by the public and private sectors.

He re-iterated that the Gulf Co-operation Council economies, particularly the UAE, have the necessary financial resources and sufficient reserves to cope with such situations. He noted that the UAE has a flexible economic system capable of adapting to similar economic fluctuations.

"Previous experiences have proven that even during times when the region went through turbulences - political, security, and economic - the UAE succeeded in holding its steady course, moving ahead with its development plans," he said.

Internal auditors have vital responsibilities that determine the future of their companies, especially when rumors and reports spread around, Abdulqader Obaid Ali added.

"It is high time for the presidents and CEOs of companies to listen to the opinions given by internal auditors, and to carefully review the audit reports they present. Any piece of information, irrespective of its credibility, can affect public attitudes positively or negatively,"

he said.

Being privy to the financial situations of companies, internal auditors have the responsibility to tackle fraudulent operations that may occur by applying modern and state-of-art technologies. Loyalty, transparency and professionalism should reflect in presenting accurate reports, he said.

Abdulqader Obeid Ali added that Dubai World's Internal Audit and Business Excellence Centre has been successful in ensuring accurate internal auditing, presenting its reports with transparency to decision makers in the Group's various affiliates and departments as well as in developing its own efficient work mechanism that has enhanced its credibility.

The seminar, held in cooperation with the Institute of Internal Auditors - UAE Chapter, was attended by a large number of professionals in the field in the country. It focused on the issues and challenges facing internal auditing as well as the latest developments in its area of work.

Addressing the seminar, Dr. Sri Ramamoorti, Partner, Corporate Governance, Grant Thornton LLP, stressed the added significance of internal auditing in the present situation. He elaborated on the issue of Fraud Psychology and the preventive measures to be adopted by applying high standards based on modern scientific methods.

Concluding the seminar, Abdulqader Obaid Ali distributed appreciation certificates to participants.