Page 26 - ELM- JANUARY & FEBRUARY 2023

Press Release

Elm Was Awarded “The Certificate of Compliance with the

International Standards of Internal Auditing”

19 January 2023- Elm, the pioneer of digital solutions, received the Certificate of Compliance
with the International Standards of Internal Auditing from the Saudi Institute of Internal Auditors
(IIA SA), and obtained an "Optimizing" rating on the internal audit maturity scale.

Abdullah bin Saleh AlShubaili, the CEO of IIA SA, handed the certificate to the Vice President of
Internal Audit at Elm, Abdulaziz bin Abdullah Al-Hidery, in the presence of the division's general
managers. AlShubaili congratulated Elm for achieving an advanced level of internal audit
compliance with international standards, and applauded the efforts of Elm's Internal Audit
Division, which directly contributed to satisfying the requirements of those standards.

For his part, Al- Hidery explained that meeting the international standards of internal audit requires
evaluating the company's audit activities by an external and independent entity every five years.
Accordingly, Elm's Audit Committee selected IIA SA to serve as an independent external assessor
for Elm's internal audit activities and processes. He stressed that Elm will continue to work on

meeting these standards to demonstrate its capacity to foster quality improvement, independence,
and objectivity in the long term.

It worth mentioning that according to the regulation issued by the Council of Ministers, IIA SA

seeks to develop the internal audit profession in the Kingdom by adhering to best professional
practices in accordance with the international framework for the administrative practices of the
internal audit profession issued by the Institute of Internal Auditors (the IIA). IIA SA also aims to
develop professional staff, and activate the supervisory role of the internal audit profession, to
achieve the aspirations of the wise Saudi leadership and keep abreast of developments in the
Kingdom.

It is noteworthy that Elm believes in the critical role of governance, the value of a sound internal
and external audit system and a solid internal control process, the need to develop systems and
plans related to these activities and monitor their implementation, and the importance of Elm's
compliance and alignment with existing regulations and standards. All these factors will impact
the company's culture, work environment, and performance in the long term.