• Internal Audit is an independent appraisal activity within the Saudi Arabian Monetary Agency that reviews operations as a service to management. It is a managerial control that functions by measuring and evaluating the effectiveness of other controls. Particularly controls over computer systems that are essential to the Agency. The objective of Internal Auditing is to assist all members of management in the effective discharge of their responsibilities by furnishing management with analyses ,appraisals , recommendations and comments concerning the activity reviewed. Audit activities go beyond accounting and financial records to obtain a comprehensive understanding of the operations and automated systems under review.

• The following are the professional standards with which SAMA internal auditors conduct their work:
  - Independence –Internal Auditors are independent of the activities they audit.
  - Professional Proficiency-Audits are performed with proficiency and professional care.
  - Scope of Work-examination and evaluation of the adequacy and effectiveness of SAMA internal controls and quality of performance in carrying out assigned responsibilities.
  - Performance of Audit Work-planning the audit/examining and evaluation information, communicating results to users and management, follow-up review.
  - Management Internal Audit Activity–The chief audit executive should effectively manage the audit activity to ensure it adds value to the Agency.

Scope of Work

• Safeguarding of assets by reviewing the means of accounting and verify the existence of such assets.

• Compliance review to ensure compliance with policies, plans, procedures, SAMA internal laws and regulations that could have a significant impact on operations and reports and should further determine whether SAMA operations are in compliance.

• Review the reliability and integrity of financial and operating information.

• Appraise the economical and efficient use of SAMA resources.

• Review all operations to ascertain whether results are consistent with established objectives and goals , and whether the operations are being carried out as planned.

• Review the SAMA management information systems.