Four renowned organizations in the UAE came together for the first time to organize the first Joint Professional Development conference in Abu Dhabi recently in a bid to draw attention to the Internal Audit awareness month.

The organisations included the Internal Auditors Association (UAE IAA) The Institute Of Chartered Accountants of Abu Dhabi Chapter (AD Chapter of ICAI), The Information System Audit and Control Association (ISACA), and the Association Of Certified Fraud Examiners UAE Chapter (ACFE UAE Chapter).

The conference focused on the importance of cyber security, fraud investigations and ethics in the businesses.

Abdulqader Obaid Ali, chairman of UAE Internal Auditors Association said: “The menace of fraud has grown manifold and the situation demands robust measures. Hence we are happy to work with AD Chapter of ICAI, ISACA and ACFE to find a way to combat these issues we are faced with today.”

CA Rajiv Shah, chairman ICAI, said: “All the organizations that have come together today have been doing their part when it comes to cyber security, fraud investigations and more. But it’s time for us to join hands and tackle this problem that is affecting businesses,” he said.

Tania Fabiani CFE, president, ACFE UAE Chapter also welcomed the move and vouched for dedicated involvement from her organization.

With GCC fast becoming the economic centre of the world, there is a growing risk of fraud that can become the bane of existence for organizations, big and small. The event aimed to bring likeminded professionals from these organizations together so that they could share information and work towards their common goal of fighting fraud, cyber security, etc. Noted speakers from each of these organizations shared their views and experiences on their areas of expertise.

Karem Obeid, UAE IAA executive committee member said: “GCC has evolved and cannot be seen as a region in isolation. It is at the junction of new trade routes of the world and is not just an oil producer. In fact it should be seen as a Centre, Capital Provider, Consumer and Connection of the World.”

Globally, businesses are facing the highest-ever levels of cyber-attacks, with global security threat alerts increasing by 14 per cent from 2012 to 2013, according to Cisco's 2014 Annual Security Threat Report. Worldwide, the cyber security market is set to reach USD 120.1 billion by 2017, growing at a CAGR of 11.3 per cent from 2012-2017, according to research company Markets and Markets. But with growing economy and cash flow there is an increasing threat of fraud.

Ravi Chandran, president, ISACA UAE Chapter, said: “It was a very good opportunity for all the organizations that have excelled in banking, internal audit, accounting and information systems in the UAE, to benefit the members of these associations, we should come together at least once in a year to educate and share each organization’s experience.”  - TradeArabia News Service