Lead auditors in Qatar can analyze the level of corporate governance efficiency by conducting comprehensive assessments based on the key governance principles. The latter include accountability, transparency, as well as ethical behavior. First of all, reviewing the overall governance framework inside the organization is necessary, including organizational policies, procedures, and structures. Going through all that will ensure them to be rightly within both national rules and international best practices.
Reviewing its composition and adequacy of the board entails diversity, qualifications, and independence among members. Lead auditors can also comment on how the board is running management, including the types of risk management and compliance processes that are in place.
In addition, lead auditors in Qatar should inquire about the practice of reporting in the organization to ascertain whether monetary and non-monetary disclosures are transparent, clearly understandable, and useful for stakeholders. It would be appropriate to assess whether and how processes inside the entity safeguard its assets and report financial information accurately.
Key stakeholders-including shareholders, employees, and regulators-can also provide insights into how governance practices are viewed within the organization.
Last, lead auditors can benchmark governance practices against industry standards and their peers in identifying potential areas of improvement. From these findings, lead auditors can synthesize and thereby make recommendations that will improve corporate governance and increase trust and accountability in Qatar’s business landscape.