Ernst & Young announces the results of the first Middle East Internal Audit Benchmarking Survey

The Survey covers all types of internal audit functions throughout the Middle East and draws attention to their increasing sophistication. It also underlines major trends in internal audit, key areas of focus, and effective internal audit methodologies.

"This Survey is the most comprehensive of its kind in the region and has been supported by both the public and private sectors. Over 160 leading organizations from a wide range of industries in the Middle East have participated in the survey, reinforcing the increased emphasis on the role and value added by internal audit."

said Edward Quinlan, UAE Country Partner - Ernst & Young.

The findings reveal that 44% of respondents have increased the size of their internal audit functions in the past 12 months and 56% reported using internal audit as a tool for measuring the efficiency of their operations. In addition, 48% have recently revisited their internal audit strategy, and over two thirds of respondents identified a clear risk management role for internal audit either in assisting the development of their organizations' risk management frameworks or in providing independent assurance over risk management practices.

"The results of the Survey provide clear evidence that many internal audit functions have recently revised their internal audit strategy and are being provided with additional resources to meet the increased expectations of key stakeholders," added Michael Green - Partner Business Risk Services, Ernst & Young, Abu Dhabi.

In the coming weeks, Ernst & Young's Business Risk Services team will be arranging individual meetings with representatives of leading organizations in the Middle East to present and discuss the findings of the Middle East Internal Audit Benchmarking Survey.

"The global changes and developments in corporate governance practices and regulations have stressed the importance of internal audit functions. The Ernst & Young Middle East Internal Audit Benchmarking Survey allows key stakeholders of internal audit functions to assess and benchmark their performance with their peers throughout Middle East." said Ali Al Shabibi - Partner Business Risk Services, Ernst & Young, Dubai.

Further findings of the Survey include;

• 72 % of respondents noted that their key area of focus is on the 'Assurance of Internal Control and Risk Management Processes and Systems'.

• 35% of organizations in the Middle East utilize the expertise of a third party for some part of their internal audit plans.