Regulatory Alerts2024-10-01
Internal Audit Principles for Finance Companies and Real Estate Refinance Companies
Saudi Central Bank (SAMA) issued these Internal Audit Principles to require finance and real estate refinance companies to establish independent, objective internal audit functions with clearly defined governance structures. The framework assigns specific oversight duties to Boards, Audit Committees, and Executive Management while mandating professional competence, formalized policies, and risk-based audit plans. Organizations must implement periodic reporting, conduct external evaluations, and execute timely corrective actions to strengthen governance, risk management, and regulatory compliance.
Share