Internal Audit

With a view to strengthen the effectiveness of internal control, risk management and corporate governance procedures, to ascertain the integrity of company’s operations and reporting and to ensure the compliance with the requirement of statutory authorities and Capital Market Authority, etc., Galfar has set-up an independent Internal Audit Unit, reporting directly to the Audit Committee of the Board of Directors

Internal Audit function is expected provide to the company an independent, objective assurance and consulting services using a disciplined systematic approach, guided by a philosophy of adding value to improve the operations of Galfar.

The broad scope of Internal Audit includes:Review and evaluation of the adequacy and effectiveness of the internal control systems at various operations and activities and to determine if these controls need to be strengthened;

 

  • Review of the means of safeguarding resources/ assets and, examining that the resources are acquired economically, used efficiently and safeguarded adequately.
  • Identifying opportunities for cost savings and making recommendations improving cost efficiencies.
  • Review of the application and effectiveness of risk management procedures and risk assessment methodologies at various operations and activities
  • Review of operations or programs to ascertain whether results are consistent with established objectives and goals and whether the operations or programs are being carried out as planned.
  • Review of the reliability and integrity of accounting records and financial reports and financial and operating information furnished to the management and to the outside agencies,
  • Review of the systems established to ensure compliance with statutory laws and regulations and with corporate policies, plans and procedures.

 

In order to ensure its independent and effective working, Internal Audit has been granted free and unrestricted access to the Chairman and to the Audit Committee of the Board of Directors and to any and all of company’s records, physical properties, and personnel relevant to any function under review.
 

Internal Audit
Mr. Sulaiman Al-Busaidi
Chief Internal Auditor
Tel. No.: 00968 24525194
Fax no.: 00968 24525195
E-mail:  sbusaidi@galfar.com 

 

 

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