AUD signs MoU with UAE IAA to uphold Internal Auditing

Dr. Lance de Masi, AUD’s President, and Mr. Abdulqader Obaid Ali, President of the UAE IAA Chapter, signed the Memorandum of Understanding (MoU).

Jan 26, 2011

In its incessant efforts to achieve excellence in teaching and learning, it has become a ritual for the American University in Dubai (AUD) to tie up with prominent associations, the most recent of which is the UAE-Internal Audit Association (UAE IAA), to further intensify its educational advancement.
Dr. Lance de Masi, AUD’s President, and Mr. Abdulqader Obaid Ali, President of the UAE IAA Chapter, signed the Memorandum of Understanding (MoU) in the presence of Dr. David Van Over, Dean of AUD’s School of Business and Associate Professor of Business Administration, Dr. Mohammed Abu Ali, Associate Professor of Economics at AUD, and Mrs. Peggy Awad, AUD’s External Relations Manager.
On the mutually beneficial educational and business joint venture the MoU conveys to AUD and the UAE IAA, Dr. Lance de Masi stresses:
We are delighted to enter into this collaborative agreement with the UAE Internal Audit Association, given the stature of the organization, the benefits to both the Association and the University and, of course, the potential contribution to the public good. We look forward to a long and productive relationship.”
The main purpose of the MoU is for AUD and the UAE IAA to share a common goal in promoting and improving the practices of Internal Audit in the educational medium in the region. This goal is supported by three specific objectives: (1) to improve the Internal Audit practices of private and public sector entities, including listed companies, banks and financial institutions, family-owned enterprises, small and medium enterprises (SMEs) and state-owned enterprises (SOEs) to elevate internal auditing awareness and organizational governance; (2) to assist in developing national, legal and regulatory internal audit frameworks with respect to corporate governance, in cooperation with the public and private sectors; and (3) to cooperate on Internal Audit Compliance and Governance institution-building to develop a research and communication strategy ahead of increasing training investors, directors, managers and other stakeholders on good corporate internal audit and governance.
In turn, Mr. Abdulqader Obaid Ali comments:
“The signing of the MoU with American University in Dubai marks yet another important landmark for the UAE IAA and we look forward to the start of a meaningful cooperation between the two organizations.” He adds, “We have already identified and agreed to pursue the use of the AUD    research facilities and faculty for training and professional development purposes, assistance in the placement and internship programs for AUD summer candidates and graduates, and joint advocacy efforts that will promote the internal audit profession, especially during the Audit Week in 2011.” “We are confident that the partnership between the UAE IAA and AUD will contribute immensely to the advancement of the internal audit profession in the UAE," he concludes.
The cooperation on mutually beneficial projects between AUD and the UAE IAA is currently underway. Projects sustained in the MoU include among others: organizing conferences, joint training programs, workshops and seminars; assisting in the placement of graduates or interns; facilitating joint publications; establishing an Internal Audit faculty to promote internal auditing awareness and the CIA certification in the university; working on recognition programs; and promoting the ‘Emiratization’ program in the UAE.