03 May 2004
BankMuscat has implemented TeamMate becoming the first user of this electronic Audit Management System in Oman.
This is in keeping with the bank’s constant endeavour to introduce the best of global banking products, services and practices to Oman,
and the countries in which it operates.
Speaking on the occasion, BankMuscat’s Chairman, Shaikh AbdulMalik bin Abdullah Al Khalili, said: “BankMuscat is committed to harnessing the power of technology to build greater efficiencies both into our growing portfolio of banking products and services and also the way we work and set our house in order. The IT-enabled Audit Management solution that we have recently decided to adopt is an excellent example of how technology can change the very way organisations operate.”
Developed by PricewaterhouseCoopers (PwC), one of the world’s largest accounting and auditing firms, TeamMate Audit Management System is widely considered the industry standard in Audit Management systems with over 24,000 auditors from over 500 organisations using the software. BankMuscat’s decision to adopt the TeamMate Audit Management System followed a thorough evaluation of solutions currently available in this area, focused discussions with user groups across the region and a careful mapping of the Bank’s current and emerging needs.
Commenting on the bank’s decision to adopt the TeamMate Audit Management System, BankMuscat’s Assistant General Manager, Audit, Tim Shotton, said: “The audit function the world over has for many years wrestled with problems associated with working in an environment that was largely paper-based. IT-enabled Audit Management solutions such as TeamMate will, we believe, considerably enhance the efficiency and effectiveness of the internal audit function at the bank.”
The TeamMate Audit Management System will result in the automating of all phases of the BankMuscat audit process, which includes: risk assessment, scheduling, planning, execution, report generation, trend analysis, reporting and storage. One of the strongest features of the new software is the electronic access to data and information that it provides. This will allow audit teams across locations to gain access to critical audit files without the interruption of ongoing work, leading to a less costly and a far more efficient audit process.
Commending on bank’s decision to IT-enable its audit processes, Andrew Garrett, Director of Internal Audit Services,
PricewaterhouseCoopers, said: “Leading banks and financial institutions across the globe are faced with the challenge of putting in place efficient and comprehensive lines of control and audit systems that allow them to carefully and efficiently monitor their operations against identified product and service benchmarks. Solutions such as TeamMate provide organisations with the necessary equipment to create early warning systems and control mechanisms that are a necessity in today’s fast-paced world.”
An orientation programme for the BankMuscat audit team has already been conducted by a group of experts from PricewaterhouseCoopers. A series of advanced training programmes are also on the cards. As part of the agreement between the two organisation’s PricewaterhouseCoopers will also provide BankMuscat with periodical upgrades and releases to the software solution, as and when they should occur.
BankMuscat has implemented TeamMate becoming the first user of this electronic Audit Management System in Oman.
This is in keeping with the bank’s constant endeavour to introduce the best of global banking products, services and practices to Oman,
and the countries in which it operates.
Speaking on the occasion, BankMuscat’s Chairman, Shaikh AbdulMalik bin Abdullah Al Khalili, said: “BankMuscat is committed to harnessing the power of technology to build greater efficiencies both into our growing portfolio of banking products and services and also the way we work and set our house in order. The IT-enabled Audit Management solution that we have recently decided to adopt is an excellent example of how technology can change the very way organisations operate.”
Developed by PricewaterhouseCoopers (PwC), one of the world’s largest accounting and auditing firms, TeamMate Audit Management System is widely considered the industry standard in Audit Management systems with over 24,000 auditors from over 500 organisations using the software. BankMuscat’s decision to adopt the TeamMate Audit Management System followed a thorough evaluation of solutions currently available in this area, focused discussions with user groups across the region and a careful mapping of the Bank’s current and emerging needs.
Commenting on the bank’s decision to adopt the TeamMate Audit Management System, BankMuscat’s Assistant General Manager, Audit, Tim Shotton, said: “The audit function the world over has for many years wrestled with problems associated with working in an environment that was largely paper-based. IT-enabled Audit Management solutions such as TeamMate will, we believe, considerably enhance the efficiency and effectiveness of the internal audit function at the bank.”
The TeamMate Audit Management System will result in the automating of all phases of the BankMuscat audit process, which includes: risk assessment, scheduling, planning, execution, report generation, trend analysis, reporting and storage. One of the strongest features of the new software is the electronic access to data and information that it provides. This will allow audit teams across locations to gain access to critical audit files without the interruption of ongoing work, leading to a less costly and a far more efficient audit process.
Commending on bank’s decision to IT-enable its audit processes, Andrew Garrett, Director of Internal Audit Services,
PricewaterhouseCoopers, said: “Leading banks and financial institutions across the globe are faced with the challenge of putting in place efficient and comprehensive lines of control and audit systems that allow them to carefully and efficiently monitor their operations against identified product and service benchmarks. Solutions such as TeamMate provide organisations with the necessary equipment to create early warning systems and control mechanisms that are a necessity in today’s fast-paced world.”
An orientation programme for the BankMuscat audit team has already been conducted by a group of experts from PricewaterhouseCoopers. A series of advanced training programmes are also on the cards. As part of the agreement between the two organisation’s PricewaterhouseCoopers will also provide BankMuscat with periodical upgrades and releases to the software solution, as and when they should occur.
© Bahrain Tribune 2004
