Regulatory Alerts2021-12-01
Principles of Internal Auditing for Local Banks Operating in Saudi Arabia
The Saudi Central Bank (SAMA) issues the Principles of Internal Auditing to establish mandatory governance and operational standards for internal audit functions within local banks operating in the Kingdom. These principles require banks to maintain independent, adequately resourced audit departments that employ risk-based methodologies and report directly to boards or dedicated audit committees. Furthermore, the framework mandates continuous quality assurance programs and clear accountability mechanisms to ensure consistent compliance with regulatory expectations and effective risk oversight.
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