Page 58 - 2023 Auunal Report - EN

ANNUAL REPORT 2023 57

• Lay down an integrated accounting system which keeps records, registers and accounts that reflect in detail
and accurately the financial statements and income accounts, which permit preserving the Company’s assets
and preparation of the financial statements according to the international accounting standards approved by the
Capital Markets Authority. The advanced accounting system (Microsoft D365 F&O) provides the ability to issue
consolidated financial statements at the company and subsidiary level with high efficiency and quality.
• Manage daily work and direction of the activity, in addition to the management of the Company resources in the
optimum manner, gratify profits and reduce costs, in line with the Company goals and strategy.
• Efficient participation in the building and development of ethical values culture in the Company.
• Lay down internal control systems and risks management, and ensure the efficiency and sufficiency of such
systems, and concern for compliance with the risks appetite approved by the board of directors.
• Development of the infrastructure for information technology to provide the required data and information to
take decisions in line with the Company expansion requirements and strategy The Company has developed an IR
Application that allows them to quickly access information about the company's current performance, as well as
access to historical information and latest development.
• Lay down a clear working mechanism in connection with following up the regulatory decrees and law relevant
to the Company’s nature of work in order to ensure strict compliance and implementation of the same.
• Prepare the key performance indicators (KPIs) for all the Company personnel and evaluate their accomplished
tasks in a periodical manner.
• Form the Employees Relations Committee (ERC) which reviews the grievances submitted by personnel and
submits recommendation in this respect to the Group CEO in the right time and in strict confidence.
• Board of Directors Committee
1) Audit Committee:
The Audit Committee is formed of three members according to the board of directors decree dated 31 March 2022
Committee Meetings
Committee Post Member
members classification 1/2023 2/2023 3/2023 4/2023 5/2023 6/2023 7/2023 8/2023

Mr. Abdulhameed Non
Committee chairman
Mohamed Mihrez executive
Mr. Mohamed Khaled Independent
Al Othman Committee member
Mr. Eid Abdallah Al Committee member Non
Rasheedi executive
- Review of the periodical financial statements before presenting them to the board of directors, express the
opinion and recommendation in this respect to the board of directors for the purpose of ensuring the fairness
and transparency of financial reports, ensure the soundness and integrity of the financial reports and the
Company internal control systems. The Committee held its periodical (quarterly) meetings in which the
financial reports issued by the Company financial sector and the external auditor’s office were discussed. The
Committee submitted a recommendation for their approval to the board of directors. The financial reports
guarantee and integrity mechanism forms were signed for each quarter
- Follow up of the external auditors’ works and ensure that they only submit the services required by the auditing
profession to the Company.
- Study the external auditors’ remarks on the Company financial statements and follow up the developments in
this respect.
Study the applicable accounting policies and express the opinion and recommendation to the board of
directors in this respect.
Committee - Technical supervision over the Internal Audit Unit in the Company in order to verify the extent of its efficiency
duties - in executing the works and tasks outlined by the board of directors.
Evaluate the extent of adequacy of the internal control systems applied in the Company and prepare a report
comprising the opinion and recommendation of the Committee in this respect.
- Reviewing the internal audit reports submitted by the internal auditor and providing feedback. The committee
reviewed the progress of the internal audit work for the various divisions / departments of the company. The
Committee also reviewed the responses of the concerned divisions/departments and verified that the necessary
corrective measures have been taken in connection with the observations raised in the reports
- In connection with the reports of the regulators, there were no remarks issued.
- Review of the annual report of the Legal and Compliance Department.
- Recommend to the Board of Directors the appointment and reappointment of external auditors or change
them and determine their fees. The committee recommended to approve appointing of (RSM Al-Bazie & Co.)
Certified Public Accountants as an external auditor to the company, taking into consideration the mandatory
auditor rotation period.
- Recommend the reappointment of Protiviti to the Board of Directors to conduct the internal audit service in
accordance with the regulations and laws.
- Recommend the appointment of Grant Thornton to the Board of Directors to conduct the ICR of the Company
in accordance with the regulations and laws.