The Audit Committee, as one of the specialized committees under the supervision of the Board of Directors, operates to assist in supervising over their responsibilities in the areas of financial reporting processes, internal control systems, audit process, and the process of compliance with laws, regulations, and ethical standards within the defined authorities, regulations, policies, and area. The purpose of establishing the Audit Committee is to assist the Board of Directors in supervising the following provisions:
1. Effectiveness of management systems, risk management, and internal controls.
2. Reliability of financial reporting.
3. Effectiveness of internal audit.
4. Sovereignty of the independence auditor and effectiveness of Independence audit.
5. Complying rules, regulations, and requirements.
In line with fulfilling these responsibilities the said committee, holds regular weekly meetings where internal audit reports are discussed and reviewed. After approval, these reports are sent to the Board of Directors' meetings for consideration, no later than one week after the meeting date. The internal audit management, which operates under the supervision of the Audit Committee, is responsible for independence evaluating of the efficiency and effectiveness of processes, internal control system, risk management, and governance frameworks. In other words, the mission of the internal audit division is to provide independent and impartial assurance and consulting services to add value and improving the bank's operations. Internal audit helps the bank by creating a systematic and methodical approach to evaluate and improve the effectiveness of management process, risk management, and control process to achieve its goals.
Additionally, the Audit Committee engages in discussions and exchanges of views with internal and external auditors and senior managers separately. The internal audit general manager, as the committee secretary, communicates with the committee chairman to ensure regarding assigning responsibilities are fulfilled and discusses on beneficiaries’ expectations, ongoing missions, and committee priorities.