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Mashreq, one of the UAE’s leading financial institutions, today announced that its Internal Audit function had been assessed to be in “Conformance” with The IIA’s International Standards for the Professional Practice of Internal Auditing.
The Institute of Internal Auditors, USA (IIA - the parent body of Internal Audit world-wide) recently concluded an External Quality Assessment of the Internal Audit activity at Mashreq. Upon conclusion of the assessment, IIA Executives advised that Mashreq was the First Bank in UAE to achieve conformance with the standards.
Commenting on the announcement, Abdul-Aziz Al-Ghurair, CEO of Mashreq Bank said: “This is a ground breaking milestone for Mashreq, ranking us amongst the top companies globally in this respect. In accordance with IIA standards, Mashreq also has an independent Quality Assurance team that conducts an ongoing internal quality assessment of the Audit function, to ensure standards are maintained. We believe sound audit methodology provides effective and necessary independent assurance to senior management, shareholders and stakeholders, and is a cornerstone of good governance.”
Mashreq recorded strong first quarter results in 2014 with 35% increase in its Net Profit, climbing to AED 575 million compared to AED 425 million for the same period in 2013.
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