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Article 31

Date(g): 13/6/2023 | Date(h): 25/11/1444 Status: In-Force

Effective from Jun 13 2023 - Jun 12 2023
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The licensee shall establish an administrative unit concerned with internal audit linked to the audit committee [or its substitute] affiliated with the board of directors or the company’s managers. The internal audit department shall be independent in respect of performing its tasks. Moreover, its employees shall not be assigned any other responsibilities, and its powers and responsibilities are determined according to the following measures:

 1.The internal audit unit shall evaluate the internal policies and controls and ensure the licensee’s and its employees’ compliance with the applicable laws, regulations and decisions, as well as the policies and procedures approved by the licensee, and the same includes the processes of assignment of tasks. The internal audit unit shall also have the right to view any information or documents as needed for its work.
 2.The internal audit unit shall operate based on a comprehensive audit plan approved by the audit committee of the board of directors that includes a review of key activities and processes, including those related to risk management and compliance, to be updated annually.
 3.The internal audit unit shall draw up a written report explaining its work and submit the same to the audit committee at least on a three-month basis. The report shall include the scope of the review and all findings and recommendations, actions taken by each department in relation to the findings and recommendations of the previous review, especially if they were not addressed on time and the reasons therefor, in addition to any other relevant observations.
 4.The internal audit unit shall draw up and submit to the audit committee a report showing all the audit operations it conducted in each fiscal year, compared to the approved audit plan and indicating any gaps or inconsistency with the audit plan. This report shall be submitted during the first quarter following the end of each fiscal year.
 5.The licensee shall maintain work documents and approved audit reports that show the transparency of the work completed, as well as the approved results and recommendations and the matters that have been accomplished regarding these recommendations.