AUK Hosts KIPCO Group-wide Training and Internal Audit Conference

The American University of Kuwait (AUK) hosted the Training and Internal Audit Conference for Kuwait Projects Company (Holding) KIPCO. The training was run by Pricewaterhouse Coopers and covered the principles and practices of corporate governance.

During the 3-day training program, Dr. Fahad Toonsi, an expert in corporate governance, conducted an interactive training to enable the participants to fully comprehend the basic principles and practices of good corporate governance with a particular emphasis on the role of internal audit. The 22 trainees included KIPCO internal auditors as well as some AUK finance and accounting employees.

The training covered the theoretical foundations of corporate governance, its definition and global models, relevant codes, the Kuwaiti corporate governance regulations and the local context. In addition, it shed light on a number of corporate government practices including, board of directors best practices, audit committee best practices, internal audit and corporate governance, governing internal audit, and auditing corporate governance and the ethical environment.

Mr. Samer Khanachet, Group COO, emphasized the valuable role of the internal audit function continues to play within the group by providing the guarantee on the efficiency of controls within the group and highlighting to the management, the potential risks and recommended remedial actions for moderating such risks.

KIPCO was incorporated in 1975. Since then, the company has grown substantially and made significant investments in a diversified portfolio of companies operating throughout the MENA region and in other countries of the world. KIPCO principally operates in two major business sectors - Financial Services and Media & Technology. Its Group companies utilize the synergies that exist within each sector, as well as across sectors within the KIPCO Group, to offer the best to its customers. KIPCO continually seeks to improve the performance of its portfolio companies by encouraging the adoption of global best practices in managing their businesses.

Released by the Office of Public Affairs on the 3rd April 2012

Photography by the Office of Public Affairs (C) 2012