Regulatory Alerts2021-12-01
Added · Updated
Principles of Internal Auditing for Local Banks Operating in Saudi Arabia
The Saudi Central Bank (SAMA) issued these principles to establish a unified framework for internal audit functions within local banks operating in Saudi Arabia. The document mandates that the Board of Directors and Executive Management maintain effective oversight, ensuring the internal audit unit operates as an independent third line of defense with adequate resources and authority. It defines specific roles for the Board, Audit Committee, and management while outlining detailed requirements for the unit's independence, objectivity, risk-based planning, and reporting structures.
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