How ICBM Enhanced Internal Controls to Protect Public Interests

Inmaa Company for Importing Building Materials (ICBM), a subsidiary of Libya’s Social Economic Development Fund, plays a pivotal role in providing building materials crucial for national infrastructure projects. Tasked with managing public resources, ICBM identified the need for enhanced internal controls to ensure transparency and efficiency in its procurement and supply chain operations. Recognising this, ICBM engaged Qabas to deliver a focused 40-hour internal auditing training for two of its C-level executives, aimed at equipping them with advanced skills to oversee financial operations with greater precision and accountability.

The Situation

ICBM’s operations span complex import activities, extensive supply chains, and large-scale financial transactions essential for fulfilling Libya’s construction needs. As a public-sector entity, ICBM is under constant scrutiny to ensure its resources are managed transparently and used for the public good. The company’s critical role in national development heightens the need for robust internal controls that can mitigate risks, guarantee compliance, and align with public expectations. ICBM’s leadership recognised that advanced auditing capabilities were essential to address these challenges and safeguard public resources effectively.

Our Approach

Qabas designed a customised 40-hour training programme focused on strengthening the internal auditing competencies of ICBM’s top executives. The course covered a range of advanced topics critical to the company’s operations, ensuring the training was directly applicable to ICBM’s unique context.

1. Procurement and Supply Chain Auditing: Delivered in-depth training on auditing complex supply chains, focusing on risk management, evaluating supplier integrity, and ensuring compliance with both local and international regulations.
2. Ethical Stewardship and Public Accountability: Emphasised the role of internal audits in promoting ethical management and ensuring that resources are used for the greater public good, aligning all operations with social responsibility principles.
3. Managing Financial Complexity in Volatile Markets: Addressed the challenges of auditing financial transactions in unstable markets, with strategies for maintaining control, detecting irregularities, and adapting to rapid economic changes.
4. Regulatory Compliance and International Standards: Covered both global and local auditing standards, providing tools to ensure that ICBM’s practices remain compliant, transparent, and in line with regulatory expectations.
5. Strategic Audit Leadership: Equipped executives with the ability to integrate audit findings into broader strategic decisions, driving continuous improvement and reinforcing governance at all levels.

Implementation

The training was conducted through a mix of interactive workshops, case studies, and practical exercises that directly applied to ICBM’s operational challenges. Collaborative problem-solving sessions and peer discussions were integrated into the programme, allowing participants to explore advanced auditing techniques in a real-world context while sharing insights and best practices.

Results

The training programme significantly upgraded ICBM’s internal auditing framework. The newly acquired skills enable executives to lead more rigorous, transparent audits that ensure resources are managed efficiently and ethically. ICBM is now better positioned to meet its mission of supporting Libya’s development while maintaining strong governance and public trust. The initiative underscores ICBM’s commitment to responsible resource management, reinforcing its role as a key player in Libya’s socio-economic progress.