Article 20 of the Saudi Endowments Authority Law
المادة 20 من نظام الهيئة العامة للأوقاف
The article requires the Board to appoint one or more licensed auditors to audit the accounts of the endowments and the Authority, with joint liability, reporting to the Board and a copy to the General Auditing Bureau.
Official text (Arabic)
This article has not been amended since the law was issued.
مع عدم الإخلال بحق ديوان المراقبة العامة في الرقابة على حسابات الهيئة؛ يعين المجلس مراجع حسابات (أو أكثر) من الأشخاص ذوي الصفة الطبيعية أو الاعتبارية المرخص لهم في المملكة؛ لمراجعة حسابات الأوقاف والهيئة. وفي حال تعدد المراجعين فإنهم يكونون مسؤولين بالتضامن عن أعمالهم أمام المجلس. ويرفع تقرير مراجع أو مراجعي الحسابات إلى المجلس، ويزود ديوان المراقبة العامة بنسخة منه. ويحدد المجلس أتعاب مراجع أو مراجعي الحسابات.
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 20 explained in plain English
This article regulates the external audit of the accounts of the endowments and the Authority, and its provisions can be summarized as follows:
- The General Auditing Bureau's role is preserved: the article begins with the phrase "without prejudice to the right of the General Auditing Bureau to audit the Authority's accounts," so appointing an external auditor does not cancel the Bureau's oversight.
- Appointment: the Board appoints one or more auditors, who are natural or legal persons licensed in the Kingdom.
- Scope: auditing the accounts of the endowments and the Authority together.
- Joint liability: if there are several auditors, they are jointly liable for their work before the Board.
- Report: the auditor's or auditors' report is submitted to the Board, and the General Auditing Bureau is given a copy of it.
- Fees: set by the Board.
In this way two forms of oversight come together over the Authority's accounts: a licensed external auditor appointed by the Board, and the General Auditing Bureau, which keeps its right of oversight and receives a copy of the report.
This article comes after Article 19, which sets the resources of the Authority's budget and requires its funds to be deposited in separate accounts, and before Article 21, which treats the Authority, as regards fees, like public bodies and institutions.
The article does not state in detail the term of the auditor's appointment or how he is chosen; that is left to the Board within what the text provides.
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 20 of the Saudi Endowments Authority Law
Who appoints the auditor of the Authority of Endowments?
The Authority's board of directors appoints him from among natural or legal persons licensed in the Kingdom, and sets his fees.
Does the General Auditing Bureau audit the Authority of Endowments' accounts?
Yes. The article preserves the General Auditing Bureau's right to audit the Authority's accounts, and it is given a copy of the auditor's report.
What if there are several auditors?
They are jointly liable for their work before the Board.
More articles on Authority Finances and Endowment Accounts
- Article 13
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.
تهدف لجنة الرقابة والمراجعة الداخلية إلى حماية أموال الهيئة وممتلكاتها، وضمان سلامة أنظمة الرقابة الداخلية وفاعليتها، ودقة البيانات المالية والسجلات المحاسبية و
- Article 14
The article allows the Authority a fee for managing endowments that have another supervisor, set by the Board after agreement with the endower or supervisor, at no more than 10% of the endowments' net annual income.
تحصل الهيئة على مقابل أتعاب نظير إدارتها للأوقاف التي لها ناظرٌ غيرها وعُهد إليها إدارتها، ويحدد المجلس هذا المقابل بعد الاتفاق مع الواقف أو الناظر، على ألا تزي
- Article 16
The article requires the Authority to keep separate accounts and a separate budget for endowments it supervises or manages, separate accounts for the endowments of the Two Holy Mosques, and to deposit endowment funds in separate accounts at the Saudi Arabian Monetary Agency or licensed banks.
1- تحتفظ الهيئة بحسابات خاصة للأوقاف التي تكون ناظرة عليها أو مديرة لها؛ تكون مستقلة عن حساباتها، وبميزانية خاصة بها. 2 - تحتفظ الهيئة بحسابات خاصة بأوقاف الحرم
- Article 17
The article makes the Authority's financial year the State's financial year, with the exception that its first financial year starts from the date the law takes effect.
السنة المالية للهيئة هي السنة المالية للدولة، واستثناءً من ذلك تبدأ السنة المالية الأولى من تاريخ نفاذ هذا النظام.
- Article 18
The article requires the Authority to set an accounting and financial system for endowments it administers or manages, an advisory system for others to help administrators, and refers financial matters to the Authority's financial regulations.
1- تضع الهيئة نظاماً ماليًّا محاسبيًّا للأوقاف التي تكون ناظرة عليها أو مديرة لها؛ يتوافق مع طبيعتها، ويضمن حفظ أموال الأوقاف واستثماراتها، وفقاً لما يقرره هذا
- Article 19
The article sets the sources of the Authority's independent budget, including up to 10% of the net income of endowments it supervises, management fees and the annual government grant, and how its funds are deposited and spent.
1 - تكون للهيئة ميزانية مستقلة تصدر سنويًّا، وتتكون إيراداتها من المصادر الآتية: أ - نسبة يحددها المجلس لا تتجاوز (10٪) من صافي الدخل السنوي للأوقاف التي تكون ا
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.