Warba Receives External Evaluation Accreditation for Internal Audit Quality Under International Standards
Worqa Bank announced that its Internal Audit Group achieved a “Generally Conforms” rating in the independent external assessment of internal audit quality, in accordance with the International Standards for the Professional Practice of Internal Auditing issued by the Institute of Internal Auditors (IIA). The assessment was conducted independently by Grant Thornton Consulting.
This rating is among the key global indicators measuring the extent to which internal audit departments adhere to best professional practices. It is awarded only to entities that demonstrate comprehensive compliance with international standards, reflecting the efficiency of the internal audit system and the effectiveness of its role in supporting corporate governance, risk management, and internal controls.
This achievement adds to Worqa Bank’s distinguished record of institutional accomplishments, underscoring the bank’s continuous commitment to applying the highest global standards across its operations. This commitment reinforces its position as an emerging Islamic financial institution that places quality, transparency, and compliance at the core of its strategy.
The bank’s success is attributed to the strong support provided by the Board of Directors, the Audit Committee, and the executive management to the internal audit system. By providing an institutional environment that enables the function to perform its role with independence and professionalism, the bank has contributed to enhancing the efficiency of internal controls and consolidating governance principles.
The assessment demonstrates the level of institutional maturity reached by the bank’s Internal Audit Department, as well as the confidence it enjoys among global professional accreditation bodies. It also reflects the department’s ability to keep pace with continuous developments in the internal audit profession by adopting the latest methodologies and tools aligned with international standards.
Furthermore, the assessment confirms the department’s success in strengthening the role of internal audit as a strategic partner in protecting the bank’s assets, supporting business sustainability, and contributing to the achievement of strategic objectives. This helps embed a culture of compliance, transparency, and risk management across all levels.
In this context, Hanan Hamada, Head of the Internal Audit Group, stated: “We are proud that the Internal Audit Group has achieved a ‘Generally Conforms’ rating. This achievement is one of the pillars of the bank’s ongoing commitment to applying the best global standards and professional practices.”
Hamada added: “The rating reflects the increased institutional maturity and high professionalism resulting from the continuous support received by the Internal Audit Department from the Board of Directors, the Audit Committee, and executive management. It also highlights their belief in the vital role the department plays in enhancing governance, transparency, and risk management, thereby delivering added value to the bank and supporting its business sustainability.”
She clarified that this achievement serves as a cornerstone and a driving force for continuing the development journey, stating: “We believe that institutional excellence is a continuous process. Therefore, we will continue to invest in developing our workforce, updating audit methodologies and tools, and leveraging the latest global practices. This will enhance the supervisory and advisory role of the Internal Audit Department, support the achievement of the bank’s strategic objectives, and meet the expectations of all stakeholders.”
