Duties of Independent Audit

Internal Audit

The company adopts within its organizational structure an independent internal audit department consisting of a sufficient number of employees affiliated with the Audit Committee of the Board of Directors. Its mission is limited to carrying out internal audits, by conducting audit operations and supervising the efficiency and effectiveness of internal audit systems in protecting the company's assets and the validity of the financial statements, and the effectiveness of operations with their administrative, financial and accounting aspects, in addition to evaluating the performance of the executive management. The company also ensures that employees receive the appropriate training to carry out their duties in accordance with the latest standards, and in an independent manner. The internal audit manager is appointed by the Board of Directors based on the recommendation of the Audit Committee.


The Compliance Department undertakes the process of ensuring that the company complies with all laws and regulations issued by the relevant regulatory authorities and the rules issued by both the Stock Exchange and the Clearing Agency, in addition to the commitment to implement the requirements of the Anti-Money Laundering and Terrorist Financing Law and any related laws, while evaluating the company's ability to effectively manage the risks of non-compliance, according to an annual strategy approved by the Board of Directors.

Risk Department

The company is keen to adopt an independent and effective framework for risk management, the Risk Department is directly affiliated with the Risk Committee of the Board of Directors; those responsible for risk management have sufficient powers - except for financial powers - to enable them to carry out their main tasks of measuring and monitoring all kinds of risks that the company is exposed to in a continuous periodic manner, amend the systems and procedures when needed, and conduct reviews in accordance with an appropriate periodicity, in addition to assessing the efficiency of the audit systems and the company's ability to confront those risks.