Chapter IX: Internal Audit
No: 43083271 Date(g): 26/4/2022 | Date(h): 25/9/1443 Status: In-Force Article 38
1. The Company shall establish an internal audit department that reports directly to the audit committee. The internal audit department shall be independent in performing its duties, and its employees shall not be assigned any other responsibilities.
2. The internal audit department shall assesse the internal control system to ensure that the Company and employees comply with applicable laws, regulations and instructions as well as the Company's policies and procedures, whether the processes are internally managed or outsourced. The internal audit department shall have full and unlimited access to information and documents.
Article 39
1. The internal audit department shall operate according to a comprehensive audit plan approved by the audit committee and updated on an annual basis.
2. Major activities and processes, including those related to risk management and compliance, must be audited at least annually.
Article 40
1. The internal audit department shall prepare and submit to the audit committee a written report on its work at least semiannually. This report must include the scope of the audit, all findings and recommendations. It must also include the actions taken by each department in respect of the findings and recommendations of the previous audit and any related observations, especially if they have not been settled on time and the reasons for their unsettlement.
2. The internal audit department shall prepare and submit to the audit committee a written general report on all audits made in a fiscal year. The report must compare the audits with the approved plan and state any gaps or deviation from the plan, if any. The report must be submitted within the first quarter following the end of the relevant fiscal year.
3. The Company shall maintain the audit reports and work documents that clearly show the work carried out as well as findings and recommendations, and the actions taken on these recommendations.