Article 12 of the Saudi Endowments Authority Law

This article provides for creating the internal control and audit committee, which is a permanent committee:

• It is formed by decision of the Board at the Authority's head office.
• Its members are not members of the Board and not Authority staff, so an employee does not monitor his own work.
• It is organizationally linked to the Board.

Composition of the committee (6 members):

• A representative of the Ministry of Interior whose grade is not lower than the thirteenth.
• Two specialists in accounting.
• Two specialists in management and performance measurement.
• A specialist in laws.

Organizational provisions:

• The decision forming the committee names its chairman and deputy from among its members.
• Membership lasts three years, renewable only once.
• The committee has a secretariat with enough specialist staff.
• The committee prepares the regulations governing control and audit work, the rights of its members, and the employees attached to it and their duties, and the Board approves them.

This committee is the counterpart of the advisory committee in Article 11 in terms of how it is formed and the term of membership, but it is responsible for control, not advice. Its objectives are set out in Article 13: protecting the Authority's funds and property, ensuring the soundness of internal control systems and the accuracy of financial data, and verifying compliance with the approved laws, regulations and policies.