Your access and use of SAMA Regulatory Rulebook and its content is considered as an acceptance and approval of commitment by you without any limitation or condition to the following:
SAMA Regulatory Rulebook is a platform that aims to assist the regulated entities to access SAMA regulatory content adeptly and efficiently.
SAMA Regulatory Rulebook is still on its development and soft launch stage. SAMA is not liable for its contents and does not warrant or represent that (the Services related to the platform, information or material presented in the platform) is displayed free of any inaccuracies, omissions, or errors (“Faults”). SAMA accepts no liability for any loss, claim or damage resulting from any use of the platform, and any decisions made, or actions taken based on the information contained in or generated by the platform.
SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
Without prejudice to the terms of use of SAMA website Hereby, you acknowledge that any illegal, unauthorized use and/or any breach of any of these provisions may result in legal actions against you.
Principle (9): Internal Audit of the Bank’s Subsidiaries
No: 43037826
Date(g): 1/12/2021 | Date(h): 26/4/1443
Status: In-Force
Translated Document
75-
In cases where the bank has a subsidiary with its own independent audit unit and audit committee while ensuring compliance with relevant regulations and instructions—it is preferable to:
75-1
Obtain a seat for the head of the bank’s unit or their delegate in the audit committees of the bank’s subsidiaries to monitor developments and ensure the effectiveness of internal controls within them.
75-2
Conduct limited tests to verify the quality of the subsidiary’s audit unit operations to ensure the soundness of its activities.
76-
In cases where the bank has a subsidiary that does not have an independent audit unit and audit committee while ensuring compliance with relevant regulations and instructions—the following should be done:
76-1
The approved audit policy should define how the audit of such entities will be conducted.
76-2
The unit should report the results of the audit activities of these entities to the audit committee.
