OIA commends State Audit findings

BUSINESS REPORTER

MUSCAT, OCT 20

The Oman Investment Authority (OIA) has lauded the State Financial and Administrative Audit Authority for its continued work in reinforcing transparency, accountability, sound governance and the protection of public funds.

Welcoming the release of the State Audit’s annual report on Sunday, the Authority said: “Driven by its firm belief in the principles of governance and integrity, the Oman Investment Authority (OIA) highly values the observations made by the State Financial and Administrative Audit Authority on OIA and some of its subsidiaries, as presented in the community summary of its Annual Report for 2024”.

In a statement, the OIA also reaffirmed its commitment to working closely with the Authority to ensure that all identified observations are addressed with seriousness and diligence; and that the necessary corrective measures are implemented to eliminate their causes — in full compliance with relevant policies and regulations, and in line with the Unified Governance Charter for OIA-affiliated companies issued in 2022.

“This reflects OIA’s comprehensive and rigorous multi-layered audit framework, which consists of four key levels: 1. Internal Audit Unit: Fully independent and reporting directly to the Audit and Risk Committee of OIA’s Board of Directors. It covers all OIA activities to ensure adherence to approved policies and controls. 2. External Auditor: Appointed by the Board of Directors to conduct audits in accordance with the highest international standards. 3. Audit and Risk Committee: Reporting to the Board, focusing on audit and oversight functions, reviewing financial statements and monitoring the enterprise risk management framework; And 4. State Financial and Administrative Audit Authority: Exercising its independent oversight role over OIA and its subsidiaries in accordance with its legal and regulatory mandate.

In addition, OIA said it has implemented several key measures and practices to further strengthen governance, including: Continuous development of relevant regulations and policies to ensure the soundness of procedures and prevent potential violations; Activation of an integrated whistleblowing system to address any misconduct or unethical practices while ensuring complete confidentiality for whistleblowers; Evaluation of the effectiveness of Boards of Directors in terms of their contribution to strategic goals, governance performance, achievement of annual targets and continuous improvement in the selection process of board members; Enhancement of the governance framework, covering the Governance Charter and its associated policies and guidelines; and Addressing the observations raised by the State Financial and Administrative Audit Authority through participation in review and inquiry processes, taking necessary administrative actions against proven violations; and implementing financial and operational restructuring plans for subsidiaries to place them back on a path of efficiency and profitability”.

Since 2014, OIA has activated a whistleblowing system designed to deal with any misconduct or inappropriate practices. The system ensures full confidentiality for whistleblowers and provides secure, user-friendly channels for reporting financial or administrative violations. These channels include: • Call Centre: 80000900 • Email: whistleblowing@oia.gov.om.