Photo Credit: wam.ae
As the first integrated utility in the Middle East and Africa (MEA) area to implement this best-in-class solution, Dubai Electricity and Water Authority (DEWA) has implemented the SAP Audit Management System (TAWKEED).
Using TAWKEED, risk-based audit planning, individual audit engagement planning, communicating audit results to stakeholders, and process and action plan monitoring are all possible.
Internal audit is one of the three lines of the defense plan that DEWA has implemented, according to Saeed Mohammed Al Tayer, MD and CEO of DEWA. “The first line is management and supervision; the second line is risk, compliance, legal, and governance. The governance framework of DEWA includes traditional governance elements including board oversight, a transparent organizational structure and span of responsibility, a well-documented strategy, and appropriate financial and administrative authority delegation.
“DEWA is dedicated to implementing the highest good governance standards in all of its operations and is committed to following the orders of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai. As a result, DEWA is now one of the world’s top utilities for governance. Transparency, integrity, justice, control, and accountability are the pillars of the governance system. Its production and efficiency have increased as a result,” Al Tayer continued.
The Internal Audit Department at DEWA is a stand-alone assurance unit that adheres to the International Professional Practices Framework (IPPF) established by The Institute of Internal Auditors as the industry standard (IIA). An authorized charter governs the operation of DEWA’s internal audit division. Through an annually created risk-based audit strategy, it performs evaluations to provide value and confirm the sufficiency, quality, and effectiveness of internal controls, risk management, governance procedures, and systems of DEWA and its subsidiaries. In order to ensure that DEWA and its subsidiaries carry out their obligations effectively and efficiently and in keeping with DEWA’s corporate vision, mission, and objectives, the Internal Audit Department serves as a third-line role.
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