Internal Audit plays critical assurance and advisory roles to SABIC Board and Management to pursue the SABIC's mandate and the strategic goals. It independently evaluates the adequacy and effectiveness of the systems of internal controls in SABIC. It is a trusted adviser to assess and give assurance on Governance, Internal Controls and Risk Management.
Our Mission is to provide independent and objective assurance and support designed to add value, safeguard assets and improve the company's operations and systems of governance, internal controls and risk management.
SABIC’s Internal Audit (IA) department reports functionally to the Board Audit Committee and administratively to the Vice Chairman and Chief Executive Officer. In carrying out its duties, the department has full access to SABIC sites around the world, information, documents and employee-related issues. IA operates in accordance with International Internal Auditing Standards (IIA Standards) as confirmed by the External Quality Assurance & Improvement assessment.
IA carries out risk assessment annually and then plans audits in accordance with the agreed schedule and changes required during the year. It is approved by the Board Audit Committee to evaluate, objectively and independently, the adequacy and effectiveness of Internal Control systems.
IA participates in special assignments and provides consultation services, such as reviewing issues related to policy compliance with the Compliance team.
IA maintains an internal quality assurance and improvement program, covering all aspects of internal audit activities to evaluate and bring continuous improvement in various activities.
IA regularly issues audit progress reports to the Board Audit Committee covering audit plan progress, audit activities and observations, progress on internal audits’ outcome and overall updates and views on internal controls’ effectiveness and related subjects. In addition, IA verifies audit findings along with strengthening the follow-up and closure process.
The department is committed to continuous improvement through its role as a dedicated Audit Expertise Center. Therefore, IA pursues its strategy actively for impactful outcomes. Its four strategic pillars are Audit Functional Excellence, Stronger 3-Lines of Assurance, Broader Technology & Data Analytics, and Talent Focus. These four pillars enable IA to conduct deeper, smarter and faster audits with tangible influence on Governance and Internal Controls & Risk Management across SABIC’s corporate functions and regions.