First Audit, Anti-Fraud and IT Congress calls for unified strategy in fraud prevention and IT security
- Abdulla Al Saleh, Undersecretary of Ministry of Economy: UAE at the forefront of fostering innovation and resilience in the realms of audit, fraud prevention
- Abdulqader Obaid Ali: Internal auditors should collaborate with other departments to make sure they maximize the resources and minimize the expenses
- Congress organized by UAE Internal Auditors Association under the patronage of UAE’s Ministry of Economy in collaboration with the Association of Certified Fraud Examiners and Information Systems Audit and Control Association.
- Ian Johnston, CCEO of DFSA: The UAE, including Dubai, is becoming the destination of choice for many global businesses
- 1000+ audit and anti-fraud professionals, cyber security and IT experts attend Congress
Dubai, November 12, 2024:
The first Audit, Anti-Fraud and IT Congress organized by the UAE Internal Auditors Association (UAE-IAA) held under the patronage of UAE’s Ministry of Economy, emphasized the importance of unified strategies in fraud prevention and IT security.
Delivering the inaugural speech at the first Audit, Anti-Fraud and IT Congress at Grand Hyatt Hotel in Dubai, HE Abdulla Al Saleh, Undersecretary of Ministry of Economy, said: “The UAE has been at the forefront of fostering innovation and resilience in the realms of audit, fraud prevention, and information technology. Recognizing the critical importance of these fields, the nation has implemented robust regulatory frameworks and invested heavily in cutting-edge technologies to safeguard its financial and digital infrastructures.”
He stressed the UAE’s commitment to robust regulatory framework and advanced technologies like Artificial Intelligence and Blockchain technology for financial and digital security.
“The UAE’s commitment to international collaboration and knowledge exchange is evident through initiatives that promote transparency and accountability across sectors. By embracing advancements like artificial intelligence and blockchain, the UAE is not only enhancing its own defenses against fraud but also setting a benchmark for operational excellence and governance in the region. These efforts reflect the UAE’s vision of becoming a global leader in securing a sustainable and prosperous future,” he said.
He said the UAE’s Ministry of Economy is keen to work alongside industry stakeholders and private sector institutions in continually developing the internal audit profession and strengthening the responses to fraud.
The global congress is organized by the UAE Internal Auditors Association (UAE IAA) in collaboration with the Association of Certified Fraud Examiners (ACFE), the world’s largest anti-fraud organization, and Information Systems Audit and Control Association (ISACA), the international professional association focused on IT governance.
The Congress brought together internal audit and anti-fraud professionals, cyber security and IT experts from across the globe for discussions and knowledge sharing on the latest trends to guide anti-fraud professionals into a new era of audit, fraud prevention and information technology.
HE Abdulqader Obaid Ali, chairman of the UAE IAA board, said: “We need to make sure that there is connection. We, internal auditors, cannot work in a silo by ourselves. The idea is communication between the other section and work together as one team, because when you work as one team, you become stronger. As auditors we have to try and look after objectivity and independence.”
He called upon the internal auditors to collaborate with other departments to make sure they maximize the resources and minimize the expenses.
He emphasized the importance of collaboration among internal auditors and other assurance departments within an organization to enhance their collective strength and effectiveness.
“Internal auditors must maintain objectivity and independence while working together to ensure their efforts are valued and aligned with higher management’s objectives.
Key discussion areas included cross-border investigations, AI’s role in enhancing fraud detection and the need for a robust anti-fraud culture.
The conference aimed to equip leaders with tools for fostering accountability and resilience, emphasizing the integration of technology audits and non-financial controls.
The event underscored the collaborative efforts to combat fraud and enhance the role of internal auditors.
More than 60 industry leaders discussed 50 topics at the Congress where more than 1,000 audit and fraud examiners, Cyber security and IT experts are participating.
Ian Johnston, Chief Executive, Dubai Financial Services Authority (DFSA) said the UAE, including Dubai, is becoming the destination of choice for many businesses, workers and tourists.
He said the Dubai International Financial Centre (DIFC) has more than 5,500 companies, 800 of them are financial services firms, and a combined workforce of 45,000 people, making the DIFC the most significant international financial centre in the region.
DIFC is home to 17 of the top 20 banks in the world, 27 of the world’s 29 global and sustainably important banks, five of the top 10 insurance companies and 17 registered auditors, including top 10 audit firms, he said.
Johnston highlighted a Cyber Threat Intelligence Platform launched by the Dubai Financial Services Authority (DFSA) to enhance cyber resilience in the financial sector in Dubai, with over 320 companies joining to date. He stressed that the platform has contributed to improving the exchange of cyber threat intelligence, which enhances Dubai’s position as a global leader in cybersecurity.
Ramsés Gallego, ISACA, Hall of Fame, said the UAE leads the way in cyber innovation and resilience and highlighted the UAE and Dubai’s pivotal role as global hubs for cyber innovation.
He described the conference as “a new beginning” for fostering integration and innovation in addressing digital challenges.
Gallego emphasized the need to shift from traditional cyber security to cyber resilience, highlighting the rapidly evolving landscape shaped by technologies such as AI, big data analytics, blockchain, and cloud computing. He pointed out that these advancements come with increasing threats like digital fraud, phishing, and ransomware, which cost billions of dollars globally.
He praised the conference as a crucial platform for exchanging insights on enhancing security and resilience within organizations. He stressed the importance of asking the right questions to the right people at the right time to address the growing challenges of the digital age.
Chris Dimitriadis, ISACA Chief Global Strategy Officer, said: “ISACA is honored to partner with IAA UAE and ACFE for the momentous launch of first Audit, Anti-Fraud & I.T. Congress. Fraud is big business for criminals and the threat landscape is constantly evolving. Providing the knowledge, best practices, and necessary tools to protect your organization and anticipate challenges is important for audit and anti-fraud professionals regardless of location, organization size or budget.”
The keynote speakers included: John D Gill, President of the Association of Certified Fraud Examiners (ACFE); Terry Grafenstine, 2024-25 Chair of the Global Board of Directors (IIA Global Howard Arp, Director in GAO’s Forensic Audits and Investigative Service Team;
Other prominent speakers include H.E. Sheikh Dr. Majid Sultan Al Qassimi, Doctor of Veterinary Medicine, Saint Istvan University in Budapest, Hungary; HE Eisa Al Dhaheri, Director of Internal Audit, Ministry of Education, Abu Dhabi, Dr Marwan Alzarouni, CEO Blockchain Centre; Dr. Iram Fatima Ansari, Assistant Professor of Accounting & Auditing; and Muneer Al-Mughairy, President IIA Oman, Chief Audit Executive, Ominvest.
Eisa Al Dhaheri, Director of Internal Audit, Ministry Of Education, Abu Dhabi, and Fatema AlMarzooqi, Expert in Risk Assessment & Governance – Ministry of Education, discussed how HR policy of companies can identify the modus operandi of fraudsters.
A highly interactive session provided participants with practical tools to identify red flags, conduct fraud risk assessments, and implement anti-fraud controls. The workshop included group exercises, role-playing investigations, and technology-based fraud detection techniques.
Iyad Mourtada, ACFE Authorized Trainer OpenThinking Academy, conducted an immersive training workshop designed to sharpen the skills in investigating financial fraud, corruption, and asset misappropriation through an interactive “Fraud Investigation Game.”
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