Article 13 of the Saudi Endowments Authority Law
المادة 13 من نظام الهيئة العامة للأوقاف
The article sets the objectives of the internal control and audit committee: protecting the Authority's funds, sound control, accurate financial data and verifying compliance with the laws, and refers the details to the control and audit regulations.
Official text (Arabic)
This article has not been amended since the law was issued.
تهدف لجنة الرقابة والمراجعة الداخلية إلى حماية أموال الهيئة وممتلكاتها، وضمان سلامة أنظمة الرقابة الداخلية وفاعليتها، ودقة البيانات المالية والسجلات المحاسبية واكتمالها، وضمان فاعلية العمليات الإدارية والمالية وكفايتها؛ بما يحقق الاستغلال الأمثل للموارد المتاحة، والتحقق من التقيد بالأنظمة، واللوائح، والتعليمات، والسياسات، والخطط المقرة. وتحدد اللائحة المنظمة لأعمال الرقابة والمراجعة تفصيلاً للاختصاصات التي يعهد بها المجلس إلى اللجنة.
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 13 explained in plain English
After Article 12 created the internal control and audit committee and set its composition, this article states its objectives, which are:
- Protecting the Authority's funds and property.
- Ensuring the soundness and effectiveness of internal control systems.
- The accuracy and completeness of financial data and accounting records.
- Ensuring the effectiveness and adequacy of administrative and financial operations, so as to achieve optimal use of the available resources.
- Verifying compliance with the approved laws, regulations, instructions, policies and plans.
The article does not give details of the committee's practical powers, but provides that the regulations governing control and audit work set out in detail the powers the Board entrusts to the committee. Under Article 12, those regulations are prepared by the committee and approved by the Board.
Note that the text speaks of protecting "the Authority's funds and property" and does not expressly mention endowment funds, so the committee's scope should not be widened beyond what is in the text and the regulations.
It is followed by Article 14, which moves on to the fee the Authority receives for managing endowments that have a supervisor other than it. Anyone who wants to understand the effect of this control on a particular case should consult a lawyer specializing in endowment cases.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 13 of the Saudi Endowments Authority Law
What is the objective of the internal control and audit committee?
To protect the Authority's funds and property, ensure sound internal control, accurate financial data and effective operations, and verify compliance with the laws, regulations and policies.
Where are the control committee's powers set out in detail?
In the regulations governing control and audit work, which set out in detail the powers the Board entrusts to the committee.
More articles on Advisory Committee and Oversight Committee
- Article 11
The article creates a permanent advisory committee by decision of the Board, made up of people outside the Board and the Authority's staff, to give Sharia, legal, financial and other advice, and sets its composition, term and regulations.
تشكل - بقرار من المجلس، وفي مركز الهيئة الرئيس - لجنة استشارية دائمة (من غير أعضاء المجلس ومن غير منسوبي الهيئة) تُسمى (اللجنة الاستشارية)؛ ترتبط تنظيميًّا بالم
- Article 12
The article creates a permanent internal control and audit committee by decision of the Board, made up of people outside the Board and the Authority's staff, and sets its composition, term and the regulations it prepares.
تشكل - بقرار من المجلس، وفي مركز الهيئة الرئيس - لجنة دائمة (من غير أعضاء المجلس ومن غير منسوبي الهيئة) تُسمى (لجنة الرقابة والمراجعة الداخلية)؛ ترتبط تنظيميًّا
The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.