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Audit Committee

Auditing encompasses the examination and evaluation of the adequacy and effectiveness of the organization’s system of internal controls and the quality of performance in carrying out assigned responsibilities.

Scope of Audit Committee

  • Review the periodic financial statements before providing them to the BOD and shall express their opinion and recommendations concerning them to the BOD, in order to ensure the fairness and transparency of the financial data.
  • Provide recommendations to the BOD regarding appointing or changing external auditors and determining their fees. At the recommendation stage, consider the independence of the auditors and review their engagement letters.
  • Follow up with the work of external auditors and ensure they are only providing the Company with the services required by their auditing profession.
  • Review the remarks of the external auditors regarding the financial statements and follow up on measures taken by the Executive Management to correct them.
  • Study the applied accounting policies and express its opinion and recommendations to the BOD in this regard.
  • Assess the adequacy of internal control systems applied at the Company and prepare a report detailing the Committee’s opinion and recommendation in that regard.
  • Supervise the internal audit department in the Company in order to verify its effectiveness in executing its duties and activities as defined by the BOD.
  • Review and approve the policies and procedures and organization structure of the internal audit department before submitting them to the BOD for approval.
  • Recommend the appointment, transfer and discharge of the Head of Internal Audit as well as assess his/her performance and the performance of the internal audit department.
  • Review and approve the internal audit plan proposed by the internal auditor and express any remarks on such plan.
  • Review the results of the internal audit reports and shall ensure that proper corrective measure are taken in relation to any issues raised therein.
  • Review the results of reports of the regulatory authorities and ensure that proper corrective measures are taken in relation to any issues raised therein.
  • Verify the Company’s compliance with the applicable laws, regulations, policies and instructions.
  • Raise issues which may affect risk management of the Company to the Board Risk Committee for timely their review and consideration.
  • Approve the appointment of the independent audit firm to review and evaluate the internal controls systems of the Company and to prepare the Internal Control Report in accordance with the CMA instructions.
  • Approve the appointment of the audit firm to review and evaluate the performance of the Internal Audit function of the Company periodically, once every three years.