Arab News, Wednesday, Jan 20, 2021 | Jamadi Al Thani 7, 1442
Saudi Arabia appointed chair of World Bank audit committee
Saudi Arabia: Members of the World Bank Group (WBG) executive
board have unanimously selected Saudi representative Abdulmuhsen Al-Khalaf as
chair of the group’s audit committee.
Al-Khalaf is the executive director representing the Kingdom and has been in the
position since November.
Prior to that, he served as alternate executive director between 2018 and 2020,
and as adviser to the Saudi executive director between 2014 and 2018.
The audit committee members consist of executive directors representing the US,
France, Japan, China, the UK, Brazil, and Poland. The committee is appointed to
assist the executive board in overseeing the WBG’s finances, accounting, risk
management, internal controls, and institutional integrity.
The committee maintains integrity of financial statements for WBG institutions
and financial reporting related to trust funds. It also oversees appointments,
qualifications, and independence of external auditors, and supervises internal
and external auditors’ performance.
In addition, it ensures that financial, accounting, and administrative policies,
as well as internal controls related to fraud and corruption are adequate and
effective.
Prior to joining the WBG board, Al-Khalaf served as an economist at the Saudi
Ministry of Finance, where he worked on several economic and financial policy
issues and a variety of topics on the G20 agenda, representing the Kingdom in
the G20 development working group.
Saudi Arabia became a member of the WBG in August 1957.