The Licensee must establish an internal audit department unit reporting directly to the audit committee (or its equivalent) of its board or the company directors. The internal audit department shall be independent in performing its duties, and its employees shall not be assigned any other responsibilities in accordance with the following:
| | (1) | The internal audit unit assesses the internal policies and controls and will ensure the extent to which the Licensee and its employees comply with the applicable laws, regulations and decisions, and Licensee’s policies and procedures, including outsourced functions. The internal audit unit must have unfettered access to information and documents as necessary.
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| | (2) | The internal audit unit shall operate according to a comprehensive audit plan approved by the audit committee of its board, which shall include major activities and operations, including those related to risk management and compliance, and must be updated on an annual basis.
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| | (3) | The internal audit unit must prepare and submit to the audit committee a written report on its work every three months. This report must include the scope of the audit, all findings and recommendations. It must also include the procedures taken by each department in respect of the findings and recommendations of the previous audit, especially if they have not been settled on time and the reasons for their unsettlement, and any other related observations.
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| | (4) | The internal audit unit must prepare and submit to the audit committee of its board a report on all of its audits in each fiscal year, compared with the approved audit plan and stating any gaps or deviations from the audit plan, if any. This report shall be submitted within the first quarter following the end of every fiscal year.
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| | (5) | The Licensee shall maintain the working documents and approved audit reports that show in a transparent manner the work carried out, as well as the approved findings and recommendations and what has been accomplished regarding these recommendations.
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