KPMG Lower Gulf teamed up with the UAE Internal Audit Association and hosted a breakfast seminar on the 'Challenges and Opportunities of Whistle-Blowing Procedures'. The event was held at the Beach Rotana Hotel, in Abu Dhabi, on the 5th of November and focused around opportunities faced by organizations in setting up and managing whistle-blowing channels.
Mr. Charles Robson who is the Head of Fraud Prevention Services at KPMG Lower Gulf said "Due to the increasing realization of the importance of whistle-blowing as an essential tool in an organization's anti-fraud and misconduct framework it has become integral to gain insights from subject matter experts in both implementing of whistle-blower programs and handling whistle-blower complaints."
Mr. Abdulqader Obaid Ali, President of UAE IAA talked about the challenges and opportunities faced by Internal Auditors when dealing with whistle-blowing complaints. He said "Setting up a fraud awareness program is essential in all companies as it plays a vital role in providing a proactive approach to preventing future fraud issues. UAE has proved itself as a leader in the region for setting up protective programs, that has over the years guaranteed its position as one of the most financially stable countries in the world."
A number of other high profile risk professionals who were present at the seminar talked about pressing issues throughout the morning. Mr. R. Venkataraman, Director Corporate Governance & Risk Management, Al Habtoor Group talked about pioneering the whistle-blowing practice in the UAE, and Mr. Michael Naroz who is a Counsel for Habib Al Mulla, highlighted the Practical and Legal issues concerning whistle-blowing procedures.
The legal implications for setting up a whistle-blowing system were highlighted in today's session and Mr. Karl Hendricks, Partner of Risk Consulting at KPMG Lower Gulf further emphasized that "It's important that whilst we're pursuing the tracking of corruption not to forget that it is equally as important to understand the legal implications and procedures relevant to this process, which are crucial to minimizing the risks and related impacts."
To conclude, Charles Robson said that "Whistleblowing is all about 'courage and encouragement'.Legislators in the UAE need to examine ways to encourage whistleblowers to show courage and come forward with their concerns. He added "That if this meant bringing in new legislation to protect whistleblowers, as is increasingly common in other jurisdictions, then they should do so."
-Ends-
For further information, contact:
Samar Ibrahim
Assistant Manager, Markets, KPMG LG
Sibrahim1@kpmg.com
T: +971 4 424 8948
Omar Khan
Communications Manager KPMG Lower Gulf
Omarkhan2@kpmg.com
M: +971 50 250 6204
Thaer Abdulrazek
Business Development Manager, UAE IAA
thaer@iiauae.org
M: +971 56 148 2333
About KPMG:
KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 152 countries and have 145,000 people working in member firms around the world. KPMG in the UAE was established in 1974 and has grown to more than 650 professional staff led by 31 Partners, across six offices. We have established a presence among market leaders in the region, providing clients with Audit, Tax and Advisory services.
Over several decades, KPMG in the UAE has had the opportunity to work with leading industry players in the region and has played a pivotal role in a number of success stories. At various stages of their growth clients have looked to KPMG for timely and independent advice to help in decision making. KPMG's employees and Partners in the UAE embrace KPMG's Global values.
These values determine how we interact with clients, with each other and with the world around us. These values also define what we stand for and how we conduct business. At KPMG we try to create sustainable, long-term value, not just for our member firms and clients, but for the broader society as well. KPMG aims to be a responsible corporate citizen by making a real difference to the communities in which it operates.
About the UAE-IAA:
The UAE Internal Audit Association (IAA) was set up in July 1995, as a non-profit organization along the lines of its parent body with the support and co-operation of the Emirates Group, the Economic Department, Dubai Chamber of Commerce, Al Futtaim, Emirates Bank and DUBAL. On the 24th of June 2006 the IIA in Dubai sought and gained approval to become IIA UAE.
In 2008 they obtained a ministerial decree from the Ministry of Social Affairs to become the UAE Internal Audit Association. The Association now has the support of leading companies from the UAE who are involved in promoting the profession of Internal Auditing through this medium.
Keeping with the mission Provide dynamic leadership to advocate and promote the profession of internal auditing throughout the UAE, IIA UAE offers regular trainings, workshops, seminars and an annual conference with the objective of promoting the profession within the business community. It has in the past invited leading speakers from various countries to share their expertise and knowledge.
© Press Release 2012
