Ajman Bank has been awarded the Quality Assurance Certification for Internal Audit Function by KPMG. This new milestone comes following a rigorous external and independent evaluation of Internal Audit in accordance with the requirements of international standards. These professional practices of internal auditing and code of ethics issued by IIA, USA and mandated by Central Bank of UAE, state that an internal audit activity must obtain an external assessment at least every five years by an independent reviewer.
‘Full conformance to all international Standards’ was given to Internal Audit Department of Ajman bank by KPMG based on the assessment which was concluded in October 2022.
Ajman Bank CEO Mohamed Amiri said: “We are extremely proud of this achievement which has been awarded to us based on the effectiveness, reliability and adequacy of our policies, procedures and processes. Empowering Internal Audit is one of the top priorities of Executive Management as per the directives of the Board. A strong and independent Internal Audit Function at Ajman Bank has enhanced the control environment and governance processes across the bank to mitigate the key risks which contributed to improvement in confidence of all stakeholders.”
Amiri further stated that Internal Audit Function’s role has recently changed as a strategic partner and trusted advisor in the organization to participate in improving the operations while adding value.
Ajman Bank’s chief internal auditor, Majdi Darwish, said: “Conformance to all international standards was a big challenge for us. We received this award in line with our vision and strategic plan to be accredited as trusted function in accordance with the directives of the Board Audit Committee and Management support.”