Principle 7: Responsibilities of Internal Audit Department Towards Compliance
No: 46020562
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.
Subject to its duties and responsibilities contained in relevant laws and regulations and SAMA-issued instructions, the Internal Audit Department shall:
a.
Assess the internal control system to ensure that the Company and its employees comply with relevant laws and instructions as well as the Company's policies and procedures, whether the management of operations is carried out internally or outsourced.
b.
Review the main activities and operations of the Unit at least annually in accordance with the plan approved by the Audit Committee, and update this plan annually.
c.
Conduct regular assessment to verify the effectiveness of Company policies and procedures, provided that procedures undertaken are properly documented, and such information is included in the Internal Audit Department’s report prescribed in the Implementing Regulations of the Finance Companies Control Law.
