1
magazine
ALRAQABA
By Ex. Editor:
Essam B.Al-Mutairi
T
he supreme audit institutions (SAIs) are facing recent increasing challenges
while performing their audit missions due to the variety and diversity of the
risks methods and means. This requires the SAIs to develop their work
performance to face these challenges, which can be achieved through developing
effective policies to manage such risks and manage them on internal and external
levels.
The SAIs are requested to develop appropriate strategies to identify the said risks
with highly précised and accurate method, analyze, evaluate and later manage the
risks to set out the plans to mitigate the impact of these risks that may hinder the
goals achievement.
Risks are variable and may differ according to their nature and existence within or
outside the SAIs. Some may relate to the SAIs performance of the organization’s
missions, which would contribute in eliminating the organizations’ ability to perform
the missions in an efficient and effective manner, set out the required plans to
evaluate the said risks, and the methods to mitigate and restrict their impact. Other
risks may exist relating to the formation of the audit teams as of their number,
the team members’ professional performance level, which require the existence
of actual studies to identify the level, and number of those teams. In addition to
the inherited risk within the audit missions in which auditors are responsible for.
Appropriate plans should be developed to enhance the skills and capabilities of
the audit team to provide all the required levels to do their missions effectively and
efficiently, and to guarantee the sustainable professional excellence through the
follow up and evaluation of their missions’ performance.
Moreover, it is necessary that the SAIs organize the audit work priorities in
accordance to the enormous amount of activities and processes that are subject to
their audit. The focus should be on the missions and works that may include some
risks, identify their level, and evaluate their impacts. Whereas, the performance
of the audit missions according to the risks methods contributes in insuring the
exertion of the right professional effort by the auditor towards the important audit
scopes. Besides, give the relative importance for each audit mission according to
its risk level, and decrease the audit risks to the most acceptable minimum level.
The State Audit Bureau of Kuwait (SAB) is keen to developing the auditor`s abilities
through providing cooperative meetings with the experienced SAIs, and by the
conducting programs within the framework of the cooperation agreements signed
with said SAIs. Whereas, a mutual scientific meeting shall take place between SAB
and the Albanian State Supreme Audit on “Risk Based Audit” in April 2018. Some
of the SAIs shall participate in this forum, and some of the specialized institutions
and entities in Kuwait, shall contribute through providing the opportunities to
exchange information, skills, present the modern methods and technologies used
in all participating bodies and entities
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Editorial
Risk Management Strategy
