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The Company shall obtain a no-objection letter from SAMA before appointing an external auditor.
2.
SAMA may require the Company to replace the external auditor or appoint another external auditor at the Company's expense in the following cases:
a.
If the business size and nature require so.
b.
If the external auditor has committed a breach of professional conduct.
c.
If there is a reason to believe that the external auditor has a conflict of interest.
d.
If necessary for the protection of the sector or governance considerations and the protection of shareholder’s interest.
3.
The external auditor shall immediately report to SAMA all facts of which they obtain knowledge in the course of an audit that could:
a.
Justify the reservation in the audit report or the abstention from giving an opinion.
b.
Jeopardize the existence of the Company.
c.
Seriously impair the Company’s development.
d.
Indicate an evidence that the executives violate any of the laws, regulations or instructions applicable in Saudi Arabia or the internal policies and procedures of the Company.
e.
Terminate the contract before its expiry, along with the reasons in this regard.
4.
SAMA may require the external auditor to explain their report or disclose other facts of which they obtain knowledge in the course of an audit that could indicate a violation of the applicable laws, regulations or instructions or a violation of the by-laws of the Company.
