The Audit, Assurance and Consulting Department is responsible for maintaining SEDCO Holding’s corporate governance standards, enhancing overall group management, and evaluating the effectiveness and efficiencies of internal controls. The team comprises experts sourced from blue-chip global firms such as PwC, KPMG and Deloitte.
In 2019, the department continued evolving its role from pure auditing to consulting. The team’s background knowledge and expertise in internal and external assurance, auditing investments, process mapping, financial accounting, taxation and local regulations is complemented by commitment to providing continuity and consistency through a streamlined process.
Audit, Assurance and Consulting provides services for several SEDCO Holding operating companies — including AutoWorld, Elaf Group, Al Mahmal Facility Services, Al Mahmal Development and Arabian Farms, as well as related organizations such as Methak. This has built trusted relationships and assisted decision-makers throughout the Group.
The department has enhanced its Guest Auditor Program, which solicits experts from other departments when auditing specific functions. During 2019, six guest auditors joined the team on various assignments. Next year, eight more will work with the department.
Audit, Assurance and Consulting also had a role in volunteering in 2019, participating in five social initiatives across the Group.
The department has a strong tradition of incubating talent for transfer to other SEDCO Holding entities. Two decision-makers at managerial and VP level have ‘graduated’ from Audit, Assurance and Consulting and are now in positions of responsibility, where they act as ambassadors for the function.