Principle 2: Duties and Responsibilities of the Audit Committee toward Internal Audit Function
No: 46020559
Date(g): 1/10/2024 | Date(h): 28/3/1446
Status: In-Force
Effective from 2025-03-27 - Mar 26 2025 To view other versions open the versions tab on the right
1.
Taking into account its duties and responsibilities contained in the relevant laws and instructions, the Audit Committee shall be responsible for the following:
a.
Making recommendations to the Board on approving the Department’s organizational structure and reviewing it regularly as needed.
b.
Making recommendations to the Board on the appointment, reappointment or dismissal of the Department Director and proposing their remuneration.
c.
Following up on the implementation of the Department Director’s plan to attract human resources and evaluate its suitability, and ensuring the Department is appropriately staffed in terms of numbers, qualifications and skills according to the plan, taking into account that all employees of the Department as a whole have the necessary competencies to perform its tasks.
d.
Reviewing and approving the internal audit plan prepared by the Department Director or the outsourced service provider, if any, including the scope of the plan and the allocated budget.
e.
Reviewing internal and external audit reports and submitting recommendations in their regard to the Board.
f.
Reviewing the Department's performance to verify its ability to perform its responsibilities independently and objectively.
g.
Adopting KPIs for the Department Director and evaluating their performance.
h.
Ensuring the Department Director’s integrity; ability to perform duties honestly, diligently, and responsibly; adherence to the laws, regulations, and instructions; and freedom from conviction of crimes that impinge on honor or integrity, unless they have been rehabilitated.
i.
Ensuring that the Executive Management takes the necessary corrective measures in a timely and appropriate manner to address weaknesses in control and issues of compliance with policies, laws, instructions, and other violations, observations, and shortcomings that the Department identifies and makes recommendations on.
