Banking Control Law

A bank must annually appoint two auditors from among the auditors registered with the Ministry of Commerce and Industry. The auditors shall prepare a report on the bank’s annual budget and profit and loss statement, which shall include their opinion on whether the budget duly represents the bank’s financial position and whether the clarifications or information provided by the bank managers or staff are satisfactory. As for banks taking the form of a company, said report shall be announced together with the bank management’s annual report at the partners’ meeting, which shall be held within the six months following the end of the bank’s fiscal year. The bank management must provide SAMA with a copy of said reports. Paragraph (1) of this Article shall apply to foreign banks with respect to their branches operating in the Kingdom. Such banks must provide SAMA with a copy of the auditors’ report.