Regulatory Alerts2021-12-01
Circular Re. Principles of Internal Auditing for Local Banks Operating in Saudi Arabia
The Saudi Central Bank issued the first edition of the Principles of Internal Auditing for local banks, effective January 1, 2022, to establish a unified framework for internal audit functions. The document mandates that internal audit units operate as the third line of defense, ensuring strict independence, objectivity, and professional competence while reporting directly to the Board of Directors and the Audit Committee. It outlines specific responsibilities for the Board, Executive Management, and the Audit Committee to support the internal audit function and requires adherence to international standards and regulatory guidelines.
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