REPORT OF THE BOARD OF DIRECTORS
In addition, the implementation has been completed for the consolidated company budget system that is based on (Oracle Hyperion), which aims to smooth the budget preparation and monitoring process for the annual budget. This new system also will facilitate the integration between the corporate and business unit systems to generate the financial consolidated reports and leverage the finical forecasting and cash flow monitoring. NSCSA was awarded recently by Oracle in terms of the Excellency and Leader- ship in return for the successful implementation of the Oracle Corporate Gov- ernance, Risk Management and Compliance (Oracle GRC), as the first Saudi company and one of the leaders in the region of Middle East and North Africa. This achievement will contribute towards the enhancement of the company discloser and confirmation adherence to the standards and the regulations governing its Financial, Administrative and Operational activities. As part of the company IT strategy initiative (Manarah), the IT infrastructure also has been improved to ensure better performance, availability and secu- rity. It is also worth mentioning that the company Internet Website won an Award of Excellence for the year 2010 for the second time. NSCSA has an independent department for Internal Audit & Control that employes highly qualified professionals, in addition to competent, qualified technical marine staff with experience in the surveying and maintenance of vessels. The Internal Audit and Control Department works on improving the efficiencies and skills of its employees by using technology in its work with the application of internal audit programs & software. The Internal Audit and Control Department sets its plans and projects related to risk management audit to comply with the international audit standards. The Internal Audit and Control Department verifies the internal controls, which aims to safeguard the company’s assets, accounting records against misuse, also ensuring the implementation of accounting policies and internal procedures of the Company. The Internal Audit and Control Department arranged training for preliminary ISO courses, such as Basic Foundation, Internal Quality Auditor and Lead Audi- tor to promote the Quality Management System (QMS). During 2006, NSCSA recieved ISO 9001:2000, for Quality Mangaement System (QMS) and in 2009, the quality management system was successfully upgraded to conform with the standards of ISO 9001:2008. IACD implemented various tools & programs in the system which integrates NSCSA branches & regional offices.
Internal Audit and Control
The National Shipping Company of Saudi Arabia Annual Report 2010
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