Muscat, 29 January 2008: BankMuscat, the nation’s premier bank announced that the Bank’s audit department has implemented TeamMate audit management system. This award winning system has revolutionized the entire audit process and started generating significant benefits to the audit department resulting from increased efficiency and productivity.

Announcing the Bank’s launch of TeamMate, Tom Totton Deputy General Manager, Internal Audit, BankMuscat said :

“This audit management application has been procured from PriceWaterhouseCoopers and has been customized for the internal requirements of the Bank. BankMuscat is the first bank in Oman to roll out this software, which is consistent with the bank’s challenging vision. By choosing TeamMate, we intend to maintain our position as a leading edge audit team. TeamMate will dramatically reduce time spent on those elements of an audit that provide lesser value. It empowers users at all levels providing them with substantial value added services. The software has been used by more than 35,000 auditors in 1,000 organizations across the globe and we feel proud to become part of this group.”

Susan Daniel from PriceWaterhouseCooper who was present at the launch said “We are delighted to be associated with this initiative and are confident that BankMuscat will continue to realize significant value from their investment”.

In a recent announcement the Central Bank of Oman has also directed all the banks in the Sultanate to explore using formal audit management software.