Regulatory Alerts2024-10-01
Circular Re. Internal Audit Principles for Finance Companies and Real Estate Refinance Companies
The Saudi Central Bank issued Circular No. 46020559 to enforce the Internal Audit Principles for Finance Companies and Real Estate Refinance Companies, requiring full compliance within 180 days of publication. The document establishes a comprehensive regulatory framework defining the roles of the Board of Directors, the Audit Committee, and Executive Management in ensuring the independence, objectivity, and effectiveness of the internal audit function. It mandates specific governance standards, including risk-based audit planning, annual governance and risk assessments, external evaluations every five years, and strict retention of audit records for at least ten years.
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