KAHRAMAA Implements Internal Control over Financial Reporting (ICOFR)

Doha: In a pioneering step, Qatar General Electricity and Water Corporation "KAHRAMAA" has successfully implemented the procedures of Internal Control over Financial Reporting (ICOFR), becoming one of the first government entities in Qatar to adopt this practice, and confirming its commitment to operational excellence. In a statement today, KAHRAMAA emphasized its commitment to efficiency, reliability to implement the best practices and enhance governance and financial reporting, in line with the 7th pillar of the 3rd National Development Strategy 2024-2030, represented in "Government Excellence." KAHRAMAA's implementation of the ICOFR aims at enhancing regulatory compliance and improving financial performance, the statement added. Manager of the Financial Affairs Department at KAHRAMAA, Abdul Nasser Ali Al Sulaiti stated: "At KAHRAMAA, in light of our continuous improvement and development, we strive to achieve one of the Corporation's most important strategic goals, which is financial sustainability, thro ugh strengthening governance regulations to ensure transparency and financial accountability." Al Sulaiti added that implementing ICOFR requires adhering to specific steps to assess the control procedures and ensure their effectiveness across all financial operations within the Corporation, which are evaluated and updated annually. Through its implementing the Internal control over financial reporting (ICOFR), KAHRAMAA seeks to ensure the reliability and transparency of its financial reports which reflects its commitment to the highest standards of financial operational safety. Source: Qatar News Agency