Audit committees in financial institutions in Saudi Arabia: a dichotomy of perceptions of functional independence and the reporting of financial crime

What is it about?

Audit committees (ACs) in banks in Saudi Arabian banks must maintain independence of board influence if they are to gather information of systemic weaknesses which may lead to financial crime and terrorist financing, and then report these to external stakeholders, auditors, and the Saudi Arabian Monetary Authority. The paper administered a questionnaire to past and present members of ACs to determine how they perceive the role of the AC, and how they interpret how boards think they should function, including where the AC's first loyalties should lie: to the bank or to its stakeholders, including shareholders, and wider society.

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Photo by Jeffrey Blum on Unsplash

Photo by Jeffrey Blum on Unsplash