Principle 1: Duties and Responsibilities of the Board toward Internal Audit Function
No: 46020559
Date(g): 1/10/2024 | Date(h): 28/3/1446
Status: In-Force
1.
Taking into account the Board’s duties and responsibilities contained in SAMA’s instructions and the relevant laws and regulations, the Board shall be responsible for the following:
a.
Following up on any developments in SAMA’s internal audit laws, regulations and instructions.
b.
Ensuring the independence of the internal and external auditors and the accuracy and integrity of the information and data to be disclosed in line with disclosure and transparency requirements.
2.
Without prejudice to the Audit Committee's independence in performing its work separately from the Board’s work, the Board shall be responsible for the effective supervision of the Audit Committee and the follow-up on its work and duties.
3.
In relation to the duties and responsibilities of the Executive Management toward internal audit, the Board shall be responsible for the following:
a.
Ensuring that the Executive Management has established and maintained an appropriate, efficient and effective internal control framework that is able to identify, measure, monitor and manage all risks to which the company is exposed.
b.
Reviewing the effectiveness and efficiency of the internal controls based on the information provided by the Audit Committee and Executive Management.
4.
Taking into account the Board’s duties and responsibilities contained in SAMA’ instructions and other relevant instructions, the Board’s responsibilities toward the Department include ensuring the following on an ongoing basis:
a.
All necessary measures are taken to ensure the independence and effectiveness of the Department and that its policy is regularly updated.
b.
The Department’s human and financial resources are adequate and proportionate to the size and nature of the Company’s business based on the recommendation of the Audit Committee.
