2.9.2. Internal Audit Function (IAF)

Effective from Sep 24 2019 - Dec 31 2019
To view other versions open the versions tab on the right

30.	SAMA requires that a FBB should, where appropriate and proportionate in view of the nature, scale and complexity of its business and the nature and range of its activities, establish an independent IAF. The IAF should, at a minimum, have the following responsibilities:
	i.	To ensure the FBB meets all SAMA Audit requirements;
	ii.	To establish, implement and maintain an audit plan
	iii.	To examine and evaluate the adequacy and effectiveness of the FBB’s governance, systems, internal control mechanisms and arrangements (or alternatively, to assess the extent to which the parent’s audit plan meets local regulatory requirements and make any modifications that may be necessary);
	iv.	To issue recommendations based on the result of work carried out in accordance with the audit plan;
	v.	To verify compliance with those recommendations; and
	vi.	To report in relation to Internal Audit matters.
31.	Where a FBB has an individual performing the role of Head of Internal Audit, he or she will need to be pre-approved as the Head of IAF in line with SAMA Fit and Proper requirements.