Effective from Mar 01 2024 - Feb 29 2024 To view other versions open the versions tab on the right
The internal audit function must ensure the following:
6.5.1
Timely identification of internal control weaknesses, adherence to regulatory requirements and products and services policies and procedures.
6.5.2
To audit all new products and services in a reasonable time i.e. within one year after launching the product or service depending on the nature, type, complexity, and riskiness of the new products and services.
6.5.3
Report to the Audit Committee the results of the audit process that was conducted on the bank’s products and services at least once annually. In case, products and services associated risks increase or violating any rules and regulations issued by SAMA and all other relevant regulators, the internal audit must include them in their yearly audit plan.
