Internal Audit: A Catalyst for Growth

Qatar, a booming economic powerhouse, has witnessed rapid growth across various sectors. While this expansion is promising, it outlines a complex landscape for businesses to watch out for. To ensure operational efficiency, risk mitigation, and compliance adherence, the role of internal audit has become increasingly critical.

Technology and sustainability frontiers to shape internal audit in Qatar

Did you know that Qatar had 2.70 million internet users at the start of 2024, when internet penetration stood at 99.0 percent?

In 2022, as per the report by Work Bank Group, Qatar occupied advanced positions internationally and regionally in the GovTechMaturity Index (GTEI) 2022

Home to 2.60 million social media users in January 2024, equating to 95.2 percent of the total population, Qatar is poised to set an international benchmark in technology adoption. This makes it more inevitable for businesses to leverage emerging technologies such as data analytics, automation and a robust cybersecurity framework for proactive risk management and controls.

Additionally, the State of Qatar is moving strongly towards sustainable development focused on environmental, social and governance (ESG) factors, which defines the core of the Qatar National Vision 2030. Internal Audit’s role in sustainability reporting becomes more imperative than ever to support governing bodies and management with objective assurance, insights and advice on ESG matters.

The Unique Challenges of Internal Audit in Qatar

• Rapid Economic Growth and Diversification: Qatar's economy is transforming quickly. Internal audit functions must adapt to the evolving risk profile and ensure that audit plans align with the organization's strategic objectives.
• Complex Regulatory Environment: The regulatory framework in Qatar is intricate, encompassing various sectors such as finance, energy, and construction. Internal auditors need to stay updated with the latest regulations and ensure compliance.
• Cultural and Social Factors: Understanding the local culture and business practices is essential for an effective internal audit. Building trust and rapport with stakeholders is crucial for successful audit engagements.
• Talent Acquisition and Development: Finding skilled internal auditors with a deep understanding of the Qatar market can be challenging. Organizations must invest in talent development to build a robust internal audit team.

How MBG can help in your Internal Audit Success

• Risk Management
• Governance and Compliance
• Operational Efficiency
• Fraud Prevention and Detection

Conclusion

Internal audit is a strategic function that can significantly contribute to Qatar's continued success. By addressing the unique challenges and leveraging emerging trends, MBG’s internal audit teams can help organizations achieve their goals while mitigating risks.

Ready to take your internal controls, risk management, operational efficiency and productivity to the next level? Contact MBG today for a consultation.