Article 37 of the Saudi Minors' Property Guardianship Law
المادة 37 من نظام الولاية على أموال القاصرين
The article requires the Board of Directors to appoint one or more licensed auditors and set their fees, without prejudice to the General Auditing Bureau's oversight, and makes the auditors jointly liable where there are several.
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 مجلس الإدارة مراقبا أو أكثر للحسابات من المرخص لهم بالعمل في المملكة ويحدد أتعابهم. وإذا تعدد مراقبو الحسابات فإنهم يكونون مسؤولين بالتضامن عن أعمالهم أمام الهيئة. ويرفع تقرير مراقب الحسابات إلى مجلس الإدارة ويزود ديوان المراقبة العامة ووزير العدل بنسخة منه.
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 37 explained in plain English
This article regulates financial oversight of the Authority's accounts, which is an important safeguard because the Authority manages funds whose owners cannot oversee them themselves.
Two kinds of oversight:
- The General Auditing Bureau's oversight: it remains in place; the article begins with the phrase "without prejudice to the General Auditing Bureau's right to oversee the Authority's accounts".
- The auditor: the Board of Directors appoints one or more auditors from among those licensed to practice in the Kingdom, and sets their fees.
Liability: if there are several auditors, they are jointly liable for their work before the Authority; that is, each of them is answerable for the whole of the work, not only a part of it.
The report:
- The auditor's report is submitted to the Board of Directors.
- A copy is supplied to the General Auditing Bureau and the Minister of Justice.
So the report does not stay within the Authority but reaches an external oversight body and the Minister of Justice.
Before it, Article 36 establishes the right of those concerned to object to the Authority's decisions and actions, and after it, Article 38 sets the Authority's fiscal year as the State's fiscal year. Together these articles show that the Authority's financial work is subject to more than one level of oversight.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
How we write and review contentFamily & Personal Status Law lawyers: ask a specialist about your case
Describe your situation briefly and we'll suggest a lawyer who specialises in this law
Family & Personal Status Law lawyers
Lawyers who handle this kind of case
Dr. Ali Al-Rubaie Law Office and Ittihad Al-Asr Legal Company
Dr. Ali Al-Masradi Law Firm
Frequently asked questions about Article 37 of the Saudi Minors' Property Guardianship Law
Who audits the accounts of the Minors' Property Guardianship Authority?
The General Auditing Bureau, in addition to one or more licensed auditors appointed by the Board of Directors.
To whom is the auditor's report submitted?
It is submitted to the Board of Directors, and a copy is supplied to the General Auditing Bureau and the Minister of Justice.
What is the liability of the auditors if there are several?
They are jointly liable for their work before the Authority.
More articles on Board of Directors and President of the Authority
- Article 4
The article makes the Authority's board of directors its supreme authority, and lists its competences over regulations, committees, investment, the budget, and allocating no more than 5% of net investment return.
مجلس إدارة الهيئة هو السلطة العليا التي تتولى شؤونها وإدارة أمورها ووضع السياسة العامة التي تسير عليها، وله بصفة خاصة الاختصاصات الآتية: 1 - اقتراح مشروعات الأن
- Article 6
The article governs filling a board member's seat if it becomes vacant for any reason, and lets the board chair treat a member as resigned if he misses three consecutive sessions without an acceptable excuse.
إذا خلا محل أحد أعضاء مجلس الإدارة لأي سبب، يقترح رئيس مجلس الإدارة من يحل محله، ويصدر بذلك قرار من مجلس الوزراء. ويجوز لرئيس مجلس الإدارة اعتبار العضو مستقيلاً
- Article 7
The article requires the board of directors to form four permanent committees from among its members: the Sharia, Investment, Endowment Projects, and Audit Committees, and specifies each one's competence.
يكوّن المجلس من بين أعضائه اللجان الدائمة الآتية التي تمارس الاختصاصات المبينة أمامها : اللجنة الشرعية : لإبداء الرأي الشرعي في أعمال الهيئة. لجنة الاستثمار : ل
- Article 9
The article provides that the head of the Authority or his delegate represents it in its dealings with other bodies and before the courts.
يمثل الهيئة في صلتها بغيرها من الجهات وأمام القضاء رئيس الهيئة أو من ينيبه.
- Article 38
The article makes the Authority's fiscal year the State's fiscal year, with the exception that its first fiscal year begins on the date the Law takes effect.
السنة المالية للهيئة هي السنة المالية للدولة واستثناء من ذلك تبدأ السنة المالية الأولى من تاريخ نفاذ هذا النظام.
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.