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Member Organisations should conduct audits in accordance with generally accepted auditing standards and relevant SAMA framework(s) to verify that the fraud control design is adequately implemented and operating as intended.
Control Requirements
a.
Member Organisations should ensure that Counter-Fraud audits are performed independently and according to generally accepted auditing standards and relevant SAMA frameworks.
b.
Member Organisations should establish an audit cycle that determines the frequency of Counter-Fraud audits.
c.
Member Organisations should develop a formal Counter-Fraud audit plan addressing people, process and technology components.
d.
The frequency of Counter-Fraud audit should be aligned with the output of the Fraud Risk Assessment and consider the criticality and risk of the Counter-Fraud system, control or process.
e.
The Internal Audit function of Member Organisations should complete periodic validation of the implementation of Counter-Fraud related corrective actions, including those resulting from SAMA instruction.
f.
Member Organisations should ensure that the Counter-Fraud auditors have the requisite level of competencies and skills to effectively assess and evaluate the adequacy of Counter-Fraud policies, procedures, processes and controls implemented.
g.
Counter-Fraud audit reports, at a minimum, should:
1.
Include the findings, recommendations, management's response with defined action plan, and responsible party and limitations in scope with respect to the Counter-Fraud audits.
2.
Be signed, dated and distributed according to the format defined.
3.
Be submitted to the audit committee on periodical basis.
h.
A follow-up process for audit observations should be established to track and monitor Counter-Fraud audit observations.
