The Al Habtoor Group Audit Committee presented its first Annual Internal Control Assurance Report (ICAR) to the Chairman, Khalaf Ahmad Al Habtoor. It covered the period from January 1st to December 31st 2012.
The ICAR was customised for the requirements of the Group. The Group’s Internal Audit Department drew inspiration from international Best Practices such as COSO (Internal Control Integrated Framework), Sarbanes Oxley and others. The objective of the report was to outline the business challenges, growth and opportunities, risks and major events witnessed during the year and to highlight how the existing controls responded to the changes in the environment.
These Best Practices are in line with Khalaf Al Habtoor’s vision of aligning the Al Habtoor Group with the 21st century best practices and contribute towards building a sustainable organization.
R. Venkataraman, Director Corporate Governance and Risk Management at the Al Habtoor Group said, “The report is an important tool for growth and helps us identify any weaknesses across the units and improving in under-performing areas.”
He added, “In doing this exercise on a regular basis we also create awareness within the organization about the importance of sound controls. It creates a transparent environment and embeds a strong culture.”