Client Overview: Our client is a large, family-owned conglomerate in Saudi Arabia, with diverse business interests spanning various industries including manufacturing, retail, and real estate. As the company continued to grow, the need for improved corporate governance and internal oversight became increasingly apparent.
Challenges: Introducing an Internal Audit Function was a new endeavor for the client, who had limited experience with corporate governance practices. The challenge was to develop a comprehensive Internal Audit Framework that balanced the traditional family-owned business culture with modern governance standards, while also ensuring the framework was sustainable and effective from the outset.
Solution: Our team worked closely with the client to design and implement an Internal Audit Framework tailored to their specific needs. This involved developing a clear strategy, establishing robust processes, and creating an actionable audit plan. We aimed to provide a solid foundation for the Internal Audit Function while respecting the unique dynamics of a family-owned business.
Implementation: The project was carried out in several key stages:
- Initial Assessment and Planning: Conducted a thorough assessment of the existing governance practices and identified key areas for improvement.
- Framework Development: Designed a customized Internal Audit Framework that aligned with the client’s business goals and corporate culture.
- Strategy and Audit Plan: Developed a strategic roadmap and detailed audit plan to guide the implementation and ongoing operations of the Internal Audit Function.
- Training and Integration: Provided training sessions for key stakeholders and integrated the framework into the client’s existing operations with minimal disruption.
- Ongoing Support: Offered continuous support and periodic reviews to ensure the effectiveness and sustainability of the Internal Audit Function.
Results:
- Enhanced Corporate Governance: Successfully introduced modern corporate governance practices, aligning with international standards.
- Effective Internal Audit Function: Established a functional Internal Audit department that operates efficiently and provides valuable insights for management.
- Strategic Oversight: Developed a strategic audit plan that supports the company’s long-term objectives and risk management efforts.
- Client Satisfaction: Received positive feedback from the client, who appreciated our balanced approach and the value added to their business operations.
Conclusion: Our collaboration with the leading Saudi Arabian conglomerate has significantly strengthened their corporate governance framework and established a robust Internal Audit Function. This project highlights our ability to tailor solutions to unique business environments and deliver sustainable improvements that drive long-term success.
Contact us today to learn how we can help your business enhance its governance practices and establish effective internal controls, no matter your industry or business structure.
