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Oman chapter of IIA set up

An Oman chapter of the Institute of Internal Auditors (IIA) has been formed under the sponsorship of Oman Air and officially recognised by the parent body - IIA, Florida, USA.

"The main aim of forming the IIA chapter in Oman is to create awareness of best auditing practice in the internal audit profession and to promote it as a profession in the country," Mohammed Al Musafir, president, told a news conference here yesterday.

The chapter, he noted, would provide immense benefits to internal audit practitioners, executive management, board of directors and governments bodies with standards, guidance and information.

"We aim to be the focal point for internal audit profession in the Sultanate of Oman," he added. Mr Musafir said with the recent code of corporate governance for Muscat Securities Market listed companies, internal auditors were expected to play a more challenging role.

"Therefore, it is essential to have such a chapter in the country, which will promote the internal audit profession within Oman," he stressed. The chapter will be administered and run by a board of governors. Besides Mr Musafir, the other members of the board are: Abdul Rahman Ahmed al Harthy (vice-president), Juma Rashid Al Jahwari and Mohammed Salahudin (governors), Tahir Mahmood (treasurer) and Amal Khabori (secretary).

The new body intends to hold internal audit gatherings with its members who will also have the opportunity to meet and exchange ideas and "update knowledge with top internal audit professionals in the area," Mr Musafir said, adding that the chapter would hold monthly programmes such as seminars.

The board of governors has fixed a fee of RO15 per annum for normal membership and RO30 a year for full membership. IIA was established in 1941 and has some 85,000 members in more than 120 countries. It is the world's leader in certification, education, research and technological guidance for internal auditors.