The CGC group of companies has on average over 20 concurrently live projects being executed at any one time.
Revenues reached KD 120 million (around USD 450 million) for the fiscal year ended December 31, 2007, and, similar figures are expected for 2008. CGC Kuwait employs over 4000 people and CGC Qatar over 1000 people.
With this income and employment level, hundreds, if not thousands, of financial transactions are taking place on a daily and ongoing basis.
The primary function of the Internal Audit is two-fold: to check transactions for compliance with the company's rules, regulations and authority matrices and to check the very rules and regulations for potential loopholes that may be intentionally or unintentionally exploited, and, in both cases, making the appropriate recommendations and raising the required reports to the Board of Directors of the company.
It is, however, dangerous and misleading to think of the Internal Audit Department as the ultimate and only safety valve. Due to the scale of business and the volume of transactions, the only way the Internal Audit Department can operate economically is to audit samples, and not attempt a 100% audit program. As such, the primary safety must be in a system with inherent checks and balances with the Internal Audit Department conducting health checks and tightening the bolts.
Please follow the link below to acquaint yourself with the Internal Audit Department in:
- Kuwait