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Members of the World Bank Group Executive Board have unanimously selected the Executive Director representing the Kingdom of Saudi Arabia, Mr. Abdulmuhsen Al-Khalaf, as Chair of the Audit Committee of the World Bank Group Executive Board. The committee includes, as members, the Executive Directors representing the United States of America, France, Japan, China, the United Kingdom, Brazil, and Poland.

This decision reflects the remarkable status that the Kingdom holds globally and the international trust in the Executive Director representing the Kingdom of Saudi Arabia to assume the duties of this committee, which performs a vital role in the World Bank Group.

The Audit Committee aims to support the Executive Board in overseeing the World Bank Group finances, accounting, risk management, inter controls and institutional integrity, including: (1) the integrity of financial statements for World Bank Group institutions and financial reporting related to trust funds; (2) the appointment, qualifications and independence of the External Auditor; (3) the performance of Internal Auditor and the External Auditor; (4) the adequacy and effectiveness of financial, accounting and administrative policies and internal controls and the mechanisms to deter, prevent and penalize fraud and corruption in World Bank Group operations and corporate procurement; (5) the effective management of financial fiduciary (including procurement procedures), compliance and administrative risks in WBG institutions, including trust funds; and (6) institutional arrangements and processes of risk management across World Bank Group institutions.