Page 74 - 2023 Auunal Report - EN

ANNUAL REPORT 2023 73

6. Authorities and responsibilities of the Committee and tasks completed:

The Audit Committee reviewed its work charter and approved the items contained therein and evaluated
the performance of the Committee during 2023. The most important achievements and tasks of the
Committee during the year 2023 include the following:
1- 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.

2- Follow up of the external auditors’ works and ensure that they only submit the services required by the auditing
profession to the Company.
3- Study the external auditors’ remarks on the Company financial statements and follow up the developments in this
respect.
4- Study the applicable accounting policies and express the opinion and recommendation to the board of directors
in this respect.
5- Evaluate the extent of adequacy of the internal control systems applied in the Company and prepare a report com
prising the opinion and recommendation of the Committee in this respect.
6- Technical supervision over the Internal Audit Unit in the Company in order to verify the extent of its efficiency in
executing the works and tasks outlined by the board of directors.
7- 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
comittee 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.

8- In connection with the reports of the regulators, there were no remarks issued.
9- Review of the annual report of the Legal and Compliance Department.

10- 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.

11- Recommend the reappointment of Protiviti to the Board of Directors to conduct the internal audit service in a
cordance with the regulations and laws.

12- 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.
Based on the above mentioned and presented with regard to the work of the Audit Committee for 2023, the members
of the Audit Committee affirm their full keenness to implement the tasks entrusted to them by the Board of Directors in
line with leading practices in this area and in accordance with the instructions and regulations of concerned supervi-
sory authorities, in particular, the Capital Markets Authority.