Renaissance Services achieves top rating in independent assessment of Internal Audit function

December 21, 2023

In line with its commitment to excellence, Renaissance Services received the highest possible rating of “Generally Conforms” for its Internal Audit function during an independent assessment. The rating was given following an external quality assessment (EQA) conducted by an independent professional assessor. It implies that the relevant charter, structure, policies and procedures of the Internal Audit department, as well as the processes by which they are applied, comply with the requirements of International Professional Practices Framework (IPPF) from the Institute of Internal Auditors (IIA) and the regulations of the Capital Market Authority of Oman (CMA).

The EQA was held as part of efforts to evaluate the conformance of Renaissance's internal audit activities to the mandatory guidance of the IPPF, assess the effectiveness in carrying out its mission as outlined in the charter, identify opportunities to enhance its management and work processes.

Yahya Said Al Jabri, Chairman of the Audit and Internal Controls Committee of the Board of Directors, Renaissance Services accepted a special award from Shatha Al Maskiry, Country Managing Director, Protiviti Oman on this occasion. He said, “This remarkable achievement marks the company’s unwavering dedication to excellence and adherence to global best practices in internal auditing. As the company continuously upholds these high standards, stakeholders can be assured of a professional and robust internal audit function that contributes significantly to our ongoing success. The Board strongly believes that good corporate governance practices are pivotal to maximising long-term value while safeguarding the interests of all stakeholders.”

Stephen R Thomas, Chief Executive Officer, Renaissance Services, added, “The Internal Audit department ensures that our corporate governance, risk management, internal controls, and other vital functions meet the highest standards. The independent expert's top rating has enhanced credibility and showcases the effectiveness of Renaissance’s governance processes and controls. This rating sets the stage for the company's continued success as it serves its prestigious clients in Oman and beyond.”