His Excellency Mr. Marzouq al-Ghanim, Speaker of the National Assembly of Kuwait, met on Monday, 2 March, His Excellency Sheikh Bandar Bin Mohammed Bin Saoud Al Thani, the President of the State Audit Bureau, Qatar (SAB), as part of the visit of SAB delegation to the sisterly State of Kuwait. During the meeting, they discussed bilateral relations and ways to develop and strengthen them, in addition to a number of issues of common concern.
SAB delegation visit comes in response to the invitation extended by H.E. the President of the State Audit Bureau-Kuwait within context of expanding SAIs bilateral cooperation and enhancing exchange of experiences and expertise in the area of audit work.
Entities Subject to Audit
Risk management is a continuous process, which includes continuous research and investigation into leading risk indicators both internally and externally in the Entities strategic context that includes the steps of; setting the scope and context, risk assessment, risk treatment, monitoring & reviewing, and communication & consultation
Scope. Context & Criteria
Step 1 involves understanding the Subject Entity’s objectives, defining factors that could be a source of uncertainty, and setting the scope and risk criteria for the remaining risk management processes.
Step 2 determines what, where, when, why and how risks could arise, and the effect this would have on the Subject Entity’s ability to achieve its objectives.
Step 3 determines the risk level against the risk criteria by understanding how quickly a risk can occur, the sources and causes of a risk, as well as the consequences and likelihood of those consequences.
Step 4 compares the level of risk against the risk criteria to determine the overall risk rating and based on that, consider the need for treatment.
Step 5 involves Subject Entities systematically identifying and assessing a range of response alternatives or strategies to accept, transfer, share, avoid, or mitigate major risks, based on their risk appetite.
Respond to Risks
Step 6 requires the Subject Entity’s leadership to evaluate the alternatives and decide how to allocate scarce resources (e.g. budget, analytical capabilities, time) to address major risks facing the entity.
Monitor and Review
Step 7 recognizes that as uncertainty changes, so does the risk.
Communication, Consultation, Learning
Step 8 takes place throughout Steps 1 - 6 above with all identified stakeholders confirming that those accountable for implementing the risk management process
Records Maintenance & Reporting
Step 9 is a continuous effort, integral to the organization’s governance as it improves the dialogue among stakeholders, and the learning from the Subject Entity’s collective experience from risk management activities.
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The State Audit Bureau participates in the Fourth Forum of Accountants in the State of Qatar
The State Audit Bureau participated in the meetings of the 35th Session of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR), which held at the United Nations Headquarters in Geneva from 22 to 26 October 2018. Mr. Ammar Abdulla Sakini, Director of Performance Audit Department and Mr. Abdulrahman Saud Aladbi, Head of Financial Audit & Examination of Energy and Industry Section, represented SAB in the meeting.