Reference to the Central Bank's circular No. 03496/M A T/ 196 dated 12/3/1417H regarding the rules for organizing audit committees in Saudi banks.

The Central Bank wishes to emphasize to all banks and financial institutions the importance of adhering to the seventh rule of the rules for organizing audit committees in Saudi banks, which stipulates the independence of the external auditor. The audit committee in the bank is required to request the external auditor to change the auditing partner every three years.

For your information, the Central Bank will implement the necessary legal procedures in case of non-compliance with this.