DUBAI, UAE – Dubai Electricity and Water Authority (DEWA) has implemented the SAP Audit Management System (TAWKEED), becoming the first integrated utility in the Middle East and Africa (MEA) region to implement this best-in class solution.
TAWKEED is used for risk-based audit planning, planning individual audit engagement, communicating results to stakeholders, and monitoring process and implementation of action plans.
Saeed Mohammed Al Tayer, MD and CEO of DEWA, said that internal audit is one of the three lines of the defense model adopted by DEWA.
He said, “Management and supervision represent the first line; risk, compliance, legal and governance represent the second line. DEWA’s governance framework comprises the classic governance components, such as board oversight, a clear organization chart and span of control, a well-documented strategy and proper delegation of financial and administrative authorities.”
He added, “DEWA follows the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai and is committed to applying the best good governance standards in all its operations.”
Al Tayer said, “DEWA has become one of the leading utilities in governance worldwide. The governance system is based on transparency, integrity, justice, control and accountability. This has promoted its efficiency and productivity.”
DEWA’s Internal Audit Department is an independent assurance function that adopts the best-in-class standards and practices, the International Professional Practices Framework (IPPF) promulgated by The Institute of Internal Auditors (IIA).
The Internal Audit department at DEWA operates under an approved charter.
It conducts reviews to add value and verify the adequacy, quality and effectiveness of internal controls, risk management, governance processes and systems of DEWA and its subsidiaries through an annually developed risk-based audit plan.
The Internal Audit Department acts as a third-line role to provide assurance, advice and insight that DEWA and its subsidiaries are efficient and effective in conducting their responsibilities and in line with DEWA’s corporate vision, mission and objectives.
