CMA LAW: Circular No. (11) of 2016 on the Annual Report of Evaluating and Reviewing the Internal Audit Systems in Compliance with Module Fifteen of the Executive Bylaws

“Circular to All Shareholding Companies Subject to the Provisions of Module Fifteen”

Shareholding companies subject to the provisions of Module Fifteen  
Greetings,

We would like to draw your attention to the provisions of Article (6-9) of Chapter Six (Rule V: Apply Sound Systems of Risk Management and Internal Audit) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, which stipulates that an independent audit firm shall be assigned to evaluate and review the internal audit systems and prepare a report in this regard (Internal Control Report), and shall  be  submitted  to  the  Authority  per  annum.
Therefore, the provisions of the mentioned Article must be observed, and the report must be submitted to the Authority per annum within a maximum of 90 days from the end date of the financial year.

Dr. Nayef Falah Al-Hajraf
Chairman, CMA Board of Commissioners 

Issued on: 9/11/2016   
      

Copy of the Official Document

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