Annual Report 2008-2009 - Emirates.com

The Emirates Group
52
Internal Audit
Internal Audit made significant contributions
to the strengthening of internal controls as
well as revenue improvement, cost savings,
and reduction of exposure to fraud, through a
combination of its CONTACT (continuous testing
and analysis of critical transactions) initiative,
state-of-the-art data mining technology, and an
in-depth knowledge of business systems and
processes.
A strong platform was set for Control
Self-Assessment in auditing outstations. Internal
Audit’s comprehensive inventory of control
activities and processes has not only reduced
audit turnaround times, but has also provided
front line managers and central monitoring
departments with a control framework that
covers the complete range of outstations’
business practices.
As recommended by the Institute of Internal
Auditors Incorporated, Internal Audit completed
an internal quality assessment in 2008/09.
A client survey, conducted as part of this
exercise, confirmed the value Internal Audit
adds within the organisation and also led to
improvements in the department’s processes.
During the next two years, Internal Audit will
conduct a series of assignments that will enable
an integrated view of the management of key
risks across business units. The department will
build on the risk-focused auditing methodology
that has enabled it always to keep pace with the
growth and diversity of the Emirates Group.