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are “ objective assessment of evidence to provide an independent evaluation for the governance,
risk management, and control operations.” Consulting services are interpreted as “activities that
involve providing consultations and relevant services to a client. The nature and scope of the
services must be agreed on with the client. Consultation services aim to add value and improve
governance, risk management, and control operations.”
The definition shows that internal audit assumes an essential and effective role in verifying the
quality of the applied governance systems in the institutions through providing assuring opinion
based on a systematic approach to evaluate the system.
The international standards by the Institute of Internal Auditors are known to be the “professional
pronouncements issued by the International Internal Audit Standards Board, of which defines the
requirements of a wide range of internal audit activities. They are used as a basis to evaluate the
performance of internal audit operations.” Said Standards demonstrate the mandate of an internal
auditor in the field of governance. Some standards stipulated the following:
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Conclusion:
It is worth mentioning that internal audit must enjoy independence, that is, “to be liberated from
the circumstances that hinder an internal audit activity from fulfilling its role in a biased manner” in
alignment with The International Professional Practices Framework (IPPF). “Independence” plays
an important role in assessing the effectiveness and efficiency of applying the approved principles
and rules of governance in the institution to eliminate any chances for collapsing.
References
• The instructions issued by the Central Bank of Kuwait in 2019 on the rules and regulation
of Governance in the Kuwaiti banking sector.
• The International Professional Practices Framework (IPPF)- 2017.
• The International Standards for Professional Practices in Internal Audit - translated by the
arbitration panel of the Internal Auditors’ Association of Lebanon, supervised by Mr. Naji
Fayadh - 2017.
• Governance Control Manual for GCC SAIs, issued in 2012.
• Governance principles issued by the Organization for Economic Co-operation and
Development (OECD) in 2004.
Audit Vision
