New guide from General Authority for Awqaf aims to boost oversight and governance in endowment sector

The General Authority for Awqaf has issued a new guide for internal audit charters in the endowment sector, aiming to help endowment entities develop and update their internal audit charters using a clear methodology that promotes professional practices, governance, risk management, and internal controls.

In a statement on its official X platform account, the Authority said the guide serves as a reference framework for organizing internal audit activities within endowment entities. It outlines authorities, responsibilities, and organizational relationships, and reinforces the independence of the internal audit function and its role in adding value and improving performance.

The guide details the key elements that should be included in an internal audit charter, as well as requirements related to the independence, authority, and responsibilities of the function, contributing to more effective governance, oversight, and risk management systems within endowment organizations.

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The guide is intended to serve as a reference for endowment entities when preparing, reviewing, or updating their internal audit charters, ensuring alignment with relevant professional and regulatory requirements.

The Authority emphasized the importance of consulting legal, regulatory, and professional frameworks when preparing the charter, including endowment-related legislation and regulations it has issued, as well as the International Standards for the Professional Practice of Internal Auditing from the Institute of Internal Auditors (IIA).