The First Forum of Internal Auditing and Corporate Governance 2009 was held at PSU
"Governance Enhances the Confidence of Investors ... It Should be Included in the Governmental Sectors"

By: Abdul Aziz Al-Elewi
Editor: Abdul-Hameed Assawadi

The college of Business Administration at the University organized in collaboration with the "Price Water House Coopers Al-Jerayed" and "Al-Humayed Wa-Al-Nemer Consultants", the First Forum of Internal Auditing and Corporate Governance, 2009. The Forum was held at PSU under the patronage of His Highness Prince Dr. Abdul Aziz Bin Aiaf, the Riyadh Region Mayor, Chairman of the Board of Trustees of PSU, with the participation of the Capital Market Authority, Riyadh Bank, and Asseer Company. The event was informatically sponsored by the "Al-Eqtisadeyah" newspaper.

The forum aimed to study and discuss the procedures and practices of internal auditing and corporate governance at the local and international levels, in addition to the application of international quality standards in internal auditing in the governmental and semi-governmental sectors, corporate governance, and internal auditing in information technology environments.

HH Prince Bin Aiaf, the forum sponsor said: Prince Sultan University will continue to establish such forums, seminars and conferences, especially in the academic disciplines of interest to the university. He added: the forum aimed to indicate the role of internal auditing and governance mechanisms in enhancing the efficiency of enterprises through the promotion of the role of internal auditing in the control of corporate facilities that help to make informed decisions that ensure the continuation of the good performance of an enterprise in achieving the objectives and interests of its shareholders and maintaining the rights of its clients.

Dr. Ahmed bin Saleh Al-Yamani, PSU's Rector, said in his speech: this forum is a fertile chance to shed light on the subject of corporate governance to show its growing importance and its effects in internal auditing of different types of corporations and various business enterprises, especially in light of the current financial crisis circumstances that afflicting much of the world developed and emerging economies.

Dr. Yamani pointed out that the governance aimed at increasing the durability and strength of the economy, and therefore, the Capital Market Authority in Saudi Arabia has taken a series of actions to develop regulations for the actual functioning of corporate governance and to stimulate enterprises to increase the commitment to this legislation and compliance.

Dr. Yamani added: the forum is a step in the direction to support a framework for the education of competent corporate governance in the legislation of auditing and its relation to accounting in general. Dr. Yamani said that this meeting and other events are mechanisms for enhancing the positive impact of communication between the business community and the economical experts in Saudi Arabia and abroad. This workshop today is an extension of the role played by the university and it is also a fruit of the scientific communication between the university and the private sector.

For his part, Dr. Yahya bin Nasser Al-Serhan, Dean of the College of Business Administration, gave a speech in which he said: this forum is a sample for distinct interaction between academic institutions and professional organizations in order to improve the business sector behaviors. At the conclusion of his speech, Dr. Serhan announced that the second forum will be held in April of the next year (2010).

Mr. Waleed Shoukry, the main partner in the "Price Water House Al-Jerayed Coopers" gave a speech in which he stressed his keenness to contribute in the specialized forums in auditing of corporate financial statements and in the provision of financial advisory services of all kinds, including the activities of the Saudi Chartered Accountants Authority through the participation in its projects and discussing accounting standards before they are issued. In addition to cooperation with the General Auditing Bureau by putting their hands on the detailed auditing procedures which we carry in our financial statements revision of the government-owned companies.

Mr. Sulaiman Al-Hatlan, the Executive Partner of "Al-Humayed Wa-Al-Nemer Consultants", spoke in his paper about the application of the internal auditing of the ministries and governmental departments and referred to the resolution of the Council of Ministers for internal auditing in the public sector in the KSA, which asked all the governmental agencies to establish internal auditing units that operate on the basis of the concepts of modern internal auditing. Mr. Al-Hatlan said: the matter requires, in my own view, advisory support from the private sector in the establishment, management, training, and follow-up of such internal auditing units, for a limited period to verify that the units are doing the required work.

In general, the forum has contributed to the definition of internal auditing as a part of the corporate and public companies environment. The forum has sought the need to focus on internal auditing as a complement to external auditing, and that a corporate cannot rely on only an external auditor to ensure that its facilities operate to achieve its objectives.

Photos
Bin Ayaf & Yamani Going To the Forum	Dr. Sarhan's Key Note	A Part of the Audience
Some Participant's Word	Main Forum Delegates	Bin Ayaf Honors the Participants