لائحة لجان المراجعة في شركات التأمين و/أو إعادة التأمين

أولاً: الغرض

1. This Regulation enumerates SAMA’s requirements in terms of organizing Audit Committees’ activities in Insurance and/or Reinsurance Companies.

2. The objective of this Regulation is to compel Insurance and/or Reinsurance Companies to apply high standards to Audit Committees’ activities.

3. Insurance and/or Reinsurance Companies shall comply with this Regulation in conjunction with the Supervision of Cooperative Insurance Companies Control Law promulgated by Royal Decree M/32 dated 2/6/1424 H and its Implementing Regulations, and the Insurance

9. The Board of Directors is fully responsible for the Audit Committee’s businesses in pursuance of the regulations and instructions under which the Company operates.

10. The Board of Directors is responsible for ensuring the efficiency and effectiveness of the controls and financial reports and for safeguarding the assets of the Company.

Taken into consideration that the Audit Committee formed by the Board of Directors and delegated to carry out specific actions, therefore, the Board of Directors obligations shall include but not be limited to the following:

الباب الثالث: أحكام خاصة

أولاً: حدود السلطة

17. The Audit Committee is entitled to contact directly the Board of Directors, senior management of the Company, all employees, committees, and legal advisors, internal and external auditors in the Company's Head Office and/or branches and other parties related to the Company. It may also review all private and confidential records and documents necessary to perform its activities. The Audit Committee also has the right to seek the assistance of any external consultant to do specific tasks in order to assist it in performing its work.

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