Workshop Concludes on updated global auditing regulations (KIAA)
Last Wednesday, the Kuwait Internal Auditors Association (KIAA) concluded a workshop on the newly revised global standards for internal auditing at the Courtyard Marriott Hotel. The event served as a platform for internal audit managers and professionals from various sectors to discuss the significant updates to the international standards, slated to go into effect soon.
Attendees emphasized the importance of staying abreast of evolving professional frameworks, as the workshop showcased real-life case studies demonstrating the challenges auditors face and the necessary adjustments required to comply with the new standards. Al-Rai daily reported on the event.
In his closing remarks, Fouad Al-Awadhi, Chairman of the Association's Board of Directors, appreciated the attendees' active participation and underscored the significance of continuing such gatherings to foster knowledge-sharing and collaboration within the auditing community.
Board member Ahmed Al-Khamis expressed pride in the workshop's success, emphasizing its crucial role in advancing Kuwait's internal audit practices in accordance with global best practices. The workshop was part of the Association's broader commitment to enhancing the auditing profession in Kuwait through ongoing professional development and alignment with modern international standards.
These newly released standards, known as the Global Internal Audit Standards (GIAS), are slated to replace the previous International Standards for the Professional Practice of Internal Auditing. The GIAS are divided into five domains: Purpose of Internal Auditing, Ethics and Professionalism, Governing the Internal Audit Function, Managing the Internal Audit Function, and Performing Internal Audit Services.
The alignment with global practices, increased emphasis on professionalism, improvements in governance and management, and enhanced audit services are expected to impact the KIAA and the auditing profession in Kuwait. Kuwaiti organizations will need to ensure their internal audit functions comply with international best practices, and professional certifications may need to be updated to reflect current global practices. Overall, the adoption of the GIAS is expected to elevate the professional practice of internal auditing in Kuwait, promoting higher standards of ethics, governance, and service delivery.
The attendees underscored the importance of aligning with modern global practices in the auditing profession, as the GIAS (Global Internal Audit Standards) are set to replace previous standards and emphasize professionalism, improvements in governance, and enhanced audit services. In light of this, Kuwaiti organizations may need to ensure their internal audit functions comply with international best practices, potentially leading to updates in professional certifications.
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