| 9- | Without prejudice to the specific responsibilities and duties of the Audit Committee as defined by regulations and instructions issued by the Central Bank and other regulatory authorities, the Committee is responsible for the following requirements for effective oversight: |
| | | 1-9 | Recommend to the board to approve the organizational structure of the unit and review it periodically as needed. |
| | | 2-9 | Recommend to the board the appointment, reappointment, or dismissal of the head of the unit, or acceptance of their resignation. |
| | | 3-9 | Ensure the presence of appropriate human resources in the unit in terms of quantity, qualifications, and skills, especially in specialized topics, including, for example, units for: treasury, finance, international financial reporting standards, anti-money laundering and counter-terrorism financing, technology/cybersecurity risks, governance, Basel standards, liquidity, credit, and provisions, among others. |
| | | 4-9 | Review and approve the audit plan prepared by the head of the unit based on the results of the annual risk assessment, including the scope of the plan and the budget allocated for it. |
| | | 5-9 | Approve the strategy of the unit prepared by its head and monitor its performance alongside the execution of the annual audit plan, in alignment with the bank's overall strategy and objectives, and after coordinating with the relevant department in the bank. |
| | | 6-9 | Review and discuss internal audit reports. |
| | | 7-9 | Review the unit's performance to ensure its ability to carry out its responsibilities independently and objectively. |
| | | 8-9 | Approve performance measurement indicators for the head of the unit and evaluate their performance. |
| | | 9-9 | Ensure that the head of the unit possesses integrity and the ability to perform their duties with honesty, diligence, and responsibility. Verify compliance with regulations and instructions, and confirm that they have not been previously involved in any violations |
| | | 10-9 | Ensure that executive management takes the necessary corrective actions in a timely and appropriate manner to address weaknesses in controls, issues of compliance with policies, regulations, and instructions, as well as other violations and observations, and shortcomings identified and reported by the audit unit with recommendations. |
| | | 11-9 | Conduct the required independent external assessment—according to the approved audit policy to verify the quality of the unit's work at least once every five years. |
