This is the Audit Charter of internal audit of ABG. This was initially approved by the Audit & Governance Committee (AGC) of ABG in its 9th meeting held 9 November 2008 in Cairo, and was revised and approved in its meeting of 22nd December 2016, and was approved by the Board on 22nd February 2017.
Internal Audit is an independent, objective assurance and consulting activity designed to add value and improve the Group operations. It helps the Group accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
Internal Audit Department is an integral part of ABG and functions under the policies established by senior management and the Board of ABG. The purpose, authority, and responsibility of the Internal Audit Department should be defined in a formal written document (charter). The head of the Internal Audit Department of ABG should seek approval of the document from the Audit & Governance Committee and senior management, in addition to its acceptance by the Board.
Internal auditing is a vital part of AlBaraka Banking Group (ABG) and functions in accordance with the policies established by the Board of ABG. Each subsidiary (Unit) of ABG is expected to have an Internal Audit Department, even if local authorities do not require it. Internal auditing is an independent appraisal function established within ABG to examine and evaluate its activities as a service to the Board of each Unit, and ultimately to the Board of ABG. The findings arising from the performance of this function, are highly relevant to the management of each Unit and the ABG. The internal auditors must have a high degree of independence and must not be assigned duties or engage in any activities that they would normally be expected to review or appraise.