The Hospitality Subgroup event encourages knowledge sharing of information and best practice awareness among members of the internal audit industry across the UAE.
Dubai, UAE, August 30, 2016: UAE-IAA Hospitality Subgroup organized a seminar on Thursday, 25th August 2016 at Abu Dhabi National Exhibitions Center. The seminar, led and attended by seasoned professionals, was an ideal platform to exchange best practice and discuss practical matters pertaining to the role of internal audit in the hospitality industry. The event was led by the UAE-IAA Hospitality Subgroup Chairman , Mr. Aldrin Sequeira, who is currently the Chief Internal Audit Officer for the Jumeirah Group.
In line with its mission to provide dynamic leadership to advocate and promote the profession of internal auditing throughout the UAE, the UAE-IAA offers training, workshops and seminars with the objective of promoting the internal audit profession within the business community across the nation. Through the Subgroup event, the UAE-IAA aims at developing high-performing hospitality internal audit professionals, and being regionally recognized as the hospitality industry leadership group, adding value to internal auditors and business advisory practitioners in the sector.
With the hospitality industry soaring high in the region, the Internal Audit profession can extensively support the growth, and it becomes increasingly essential for hospitality groups to invest in quality internal auditors that derive significant business value, improve effectiveness and efficiency of processes and conform to The IIA’s International Standards for the Professional Practice of Internal Auditing.
Mr. Ahmed Refaat, Associate Director, Protiviti-Abu Dhabi, presented lessons learned from auditing the hospitality expenditure business cycle and discussed practical observations and key controls over purchasing, inventory, cost control and risk management.
Mr. Abdulqader Obaid Ali, UAE-IAA President said “I am delighted with the effort taken up by UAE-IAA Hospitality Subgroup to organize this seminar with the intention of enhancing the competency of audit professionals within the hospitality sector in the UAE, in terms of providing valuable knowledge, tools and techniques to implement new and effective internal auditing methods, the seminar was an ideal platform to exchange best practice and discuss practical matters pertaining to the role of internal audit in the hospitality industry, in line with our aims at developing high-performing hospitality internal audit professionals, and being regionally recognized as the hospitality industry leadership group, in addition, we are looking forward to raising the level of awareness among internal auditors in the region, and to highlight its impact on performance through such seminars in future.”
Mr. Aldrin Sequeira, Chairman of the Hospitality subgroup said “The practical observations and controls over the expenditure business cycle is a good refresher and beneficial for the hospitality internal auditors. We are grateful to Protiviti and ADNEC for sponsoring this event and the successful attendance.”
Mr. Ahmed Refaat, Associate Director said “We have witnessed exponential growth in recent years for the hospitality industry in the UAE, with significant contribution to the region’s economy, both in terms of revenues and employment. In fact, UAE has emerged amongst the top five markets for hotel openings in recent times.” However, he further added “This has brought its own set of challenges and risks for the industry, such as - delivering high levels of customer service, inventory and revenue management, use of digital platforms for brand marketing, centralized purchasing and managing F&B operations to name a few.” According to Mr Refaat, “the role of Internal Auditors is set to become more critical in these areas for driving efficiencies, as experienced by Protiviti while assisting several hospitality companies. It will require constant reskilling and IAA UAE is playing an important role by hosting such events that lead to sharing of best practices amongst professionals from the industry.”