Article 46
Effective from 2022-04-26 - Oct 22 2022
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| 1. | 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. | |