The Audit, Assurance and Consulting (AAC) Department is responsible for maintaining SEDCO Holding’s corporate governance, while enhancing overall group management and evaluating the effectiveness of the internal control environment.
AAC also provides audit and advisory services for a number of SEDCO Holding operating companies including AutoWorld, Methak, Al Mahmal Facilities, Al Mahmal Development and Arabian Farms.
In 2018, the department continued its evolution from pure auditing to consulting. The team’s expertise in process mapping, financial accounting, taxation and Zakat regulations helped it to optimize SEDCO Holding’s processes.
The Guest Auditor Program was enhanced, with more participation from other departments that allowed internal teams to understand auditing goals and objectives. 2018 saw 8 guest auditors join the team on specific assignments, with another 10 expected in 2019.
AAC’s knowledge transfer secondment program – where employees work within the department for one year to better understand the processes involved – also gathered momentum, with a new secondee welcomed to the team.
The department played a major role in SEDCO Holding’s culture of volunteering by participating in seven CSR campaigns through the year.
AAC also has a strong tradition of incubating talent before seeing it transferred to other areas of the Group. Three decision-makers at managerial and VP level have graduated from AAC and are currently serving in positions of responsibility across the Group, where they act as ambassadors for the function.