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Home > News and Media > Stories > Our Business > Importance Of Internal Audit In Sabic

Importance of Internal Audit in SABIC

At SABIC, Internal Audit makes a vital contribution to successful and sustainable value creation. Our excellence in this area allows us to continuously evaluate the effectiveness of internal control environments supporting our business strategy and underpinning the organization’s continued success.

Internal Audit plays a key role in creating a culture of good governance and best practice across the business. At SABIC, the Internal Audit department takes a robust, diligent and risk-based approach to auditing and operates in accordance with the standards outlined by the Institute of Internal Auditors (IIA). This is done in collaboration with the audit committee, our executives and the management team from our corporate functions and business units, in order to understand and assess the organization’s objectives, priorities, risks and associated internal controls. As a result, SABIC’s Internal Audit department supports the organization by enhancing risk management and the overall resilience of our business.

SABIC’s internal audit professionals have full access to our sites around the world, and to key information, documents and employee-related issues. They are committed to delivering clear and transparent advice on internal controls to the board and senior management. A systematic and disciplined risk-based methodology is applied consistently throughout SABIC globally to assess and improve the effectiveness of governance, internal controls and risk management processes.

Harnessing the power of technology is also vital for the effective management of the Internal Audit function. The use of a leading data analytics hub has enhanced audit efficiency at SABIC by providing more coverage, deeper insights and stronger assurance that supports audit conclusions. Our data analytics hub and other emerging technologies, such as Robotic Process Automation (RPA), help our Internal Audit experts process large volumes of data more efficiently, identify trends, and spot opportunities for operational improvement – all while reducing auditory risks. All of this delivers significant added value to our business.

Throughout 2022, Internal Audit Department regularly issued audit progress reports to the Board Audit Committee during the year covering the audit plan progress, audit activities / observations, progress on internal audits’ outcome and overall update / view on internal controls effectiveness and related subjects. During 2022, Internal Audit continued its significant progress made in closing and verifying audit findings along with strengthening the follow-up / closure process. 

Developing our people’s capabilities is another key priority for Internal Audit. We are focused on developing their capabilities by equipping them with the required skills and qualifications that help them perform their duties effectively.

SABIC’s Internal Audit function is central to fostering good governance across the organization and this has enabled the business to emerge as an industry leader that is able to create lasting value. In a dynamic and uncertain business environment, it is integral that we continue to invest in our Internal Audit capabilities and pursue innovations that enable us to remain globally competitive.

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