Effective from 2025-03-27 - Mar 26 2025 To view other versions open the versions tab on the right
1.
The Department Director shall prepare an internal audit policy and update it periodically, provided that it is approved by the Board upon the recommendation of the Audit Committee. This policy must include, as a minimum, the following:
a.
The purpose of establishing the Department and the scope and methodology of its work.
b.
The Department’s organizational structure in the Company as well as its powers, responsibilities, and relationship with other units in the Company.
c.
The Department’s main characteristics described in Principle (4) of these Principles.
d.
The Department's right to communicate directly with any of the Company's employees and to examine the activity of other departments.
e.
The Department's right to access any records, files, data, or tangible property of the Company, in a manner consistent with the relevant instructions of SAMA.
f.
The Department's right to obtain copies of the records and documents supporting audit work and activities, including the right to access administrative information systems, records, and minutes of all consultants in the Company and decision makers.
g.
The Department's right to escalate to the Audit Committee without any restrictions whenever the need arises.
h.
The Department's responsibility before the Audit Committee for all matters related to the performance of its duties and obligations.
i.
The Department Director responsibility, including, as a minimum, the tasks and responsibilities mentioned in Principle (5) of these Principles.
j.
The terms and conditions for outsourcing all or some of the internal audit tasks, taking into account the instructions of SAMA issued in this regard.
2.
The Company may refer to the Internal Audit Charter of the Institute of Internal Auditors to use it as a guide when preparing the Company’s internal audit policy.
3.
The internal audit policy must be clearly available to all Stakeholders in the Company for perusal.
