MUSCAT — The Oman Investment Authority (OIA) said it remains committed to upholding strong governance and transparency standards after the country’s State Audit Institution released its 2024 report highlighting observations on the Authority and some of its subsidiaries.
In a statement, the OIA said it “highly values” the work of the audit body and is working “seriously and decisively” to address all remarks cited in the report, adding that it has already begun implementing corrective measures and preventive procedures to ensure compliance and accountability.
The authority said its actions are guided by Oman’s national Integrity Charter and Vision 2040 objectives, with an emphasis on transparency, responsible management, and the protection of public funds.
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OIA noted that its internal audit unit operates independently under the supervision of the Board’s Audit and Risk Committee, and that all financial activities are also reviewed by external auditors in line with international standards. The authority and its subsidiaries are further subject to oversight by the State Audit Institution at multiple levels.
The statement added that OIA continues to strengthen its governance framework through the development of internal regulations and policies, activation of a whistleblowing system for reporting irregularities, and the enhancement of board evaluation processes.
It also said that the authority cooperates fully with the State Audit Institution in verifying and investigating any violations and has taken administrative and structural measures where necessary to prevent recurrence.
