Organizational Structure and Reporting
| No: 43037826 | Date(g): 1/12/2021 | Date(h): 26/4/1443 | Status: In-Force |
Translated Document
Effective from 2022-01-01 - Dec 31 2021
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| 28- | The unit must have a clearly defined organizational structure approved by the board, reporting functionally to the audit committee and administratively to the CEO. This structure should reflect the specialized roles within the unit and be appropriate to the size, nature, and complexity of the bank's operations. |
| 29- | It is preferable for the unit to form a specialized team of experienced and competent senior auditors to manage and ensure the execution of all audit requests required by the central bank, continuously providing high-quality outputs. |
| 30- | The unit should report its audit findings to the audit committee and the CEO, without the results of these reports affecting the performance evaluation and compensation of the unit’s head and its staff. |
| 31- | The unit must inform the executive management of all significant findings related to the implementation and maintenance of an appropriate and effective internal control system and procedures, enabling the executive management to take timely and appropriate corrective actions. The unit should also follow up on the results of these corrective actions with the executive management. |