Elm Was Awarded “The Certificate of Compliance with the International Standards of Internal Auditing”
Elm, the pioneer of digital solutions, received the Certificate of Compliance with the International Standards of Internal Auditing from the Saudi Institute of Internal Auditors (IIA SA), and obtained an "Optimizing" rating on the internal audit maturity scale.
Abdullah bin Saleh AlShubaili, the CEO of IIA SA, handed the certificate to the Vice President of Internal Audit at Elm, Abdulaziz bin Abdullah Al-Hidery, in the presence of the division's general managers. AlShubaili congratulated Elm for achieving an advanced level of internal audit compliance with international standards, and applauded the efforts of Elm's Internal Audit Division, which directly contributed to satisfying the requirements of those standards.
For his part, Al- Hidery explained that meeting the international standards of internal audit requires evaluating the company's audit activities by an external and independent entity every five years. Accordingly, Elm's Audit Committee selected IIA SA to serve as an independent external assessor for Elm's internal audit activities and processes. He stressed that Elm will continue to work on meeting these standards to demonstrate its capacity to foster quality improvement, independence, and objectivity in the long term.
It worth mentioning that according to the regulation issued by the Council of Ministers, IIA SA seeks to develop the internal audit profession in the Kingdom by adhering to best professional practices in accordance with the international framework for the administrative practices of the internal audit profession issued by the Institute of Internal Auditors (the IIA). IIA SA also aims to develop professional staff, and activate the supervisory role of the internal audit profession, to achieve the aspirations of the wise Saudi leadership and keep abreast of developments in the Kingdom.
It is noteworthy that Elm believes in the critical role of governance, the value of a sound internal and external audit system and a solid internal control process, the need to develop systems and plans related to these activities and monitor their implementation, and the importance of Elm's compliance and alignment with existing regulations and standards. All these factors will impact the company's culture, work environment, and performance in the long term.