Oct 03, 2019: The Federal Authority For Nuclear Regulation (FANR) is UAE’s first federal authority to be rated “Generally Conforms” for its internal audit function, according to the conclusion of the quality assessment undertaken by the UAE Internal Auditors Association.
In July, the Association conducted a thorough assessment at FANR to review and assess its internal audit activities, conducted surveys and held interviews with FANR management to arrive at this conclusion.
FANR’s Internal Audit Department (IAD) received the rating of “Generally Conforms” to the Institute of Internal Auditor’s (IIA) International Standards for the Professional Practice of Internal Auditing. From the IIA Quality Assessment scale of three ratings, “Generally Conforms” is the top rating and means that an internal audit department are judged to be in conformance with the Standards in all material aspects.
Amna Faridoon, Chief Audit Executive at FANR, said “The assessment results were of significant value to FANR and highlighted commendable aspects of the authority such as the performance of periodic performance evaluations by the Audit and Risk Committee, holistic recommendations provided by the Internal Audit function and performance of entity wide risk assessment in extensive collaboration with its Management and Senior Management in order to develop the Risk Based Internal Audit Plan.
Further, FANR implemented the value added recommendations provided by the assessors to enhance the Internal Audit function. With the support of FANR’s Audit and Risk Committee, Senior Management, Staff and various stakeholders, the Internal Audit function would continue to build upon the strengths and opportunities identified to meet FANR’s vision, contribute to its excellence journey and become a leading benchmark for internal audit practice.”
FANR has a well-defined governance system in place that is built upon the pillars of transparency, accountability and fairness, and has been designed to nurture a culture of excellence and efficiency across all levels of the organization. In light of this quality assessment, the results have further strengthened the Internal Audit Function’s capabilities to support
FANR in accomplishing its objectives by ensuring a systematic and disciplined approached is applied to the evaluation of its risk management, control and governance processes. The department also provides recommendations on how to improve FANR’s operations and holds awareness sessions for employees throughout the year to create an effective culture that supports governance
.