The internal audit department/ office/ unit shall prepare a report including a review and an evaluation of the internal audit systems applied in the company, provided that the report shall include the following: 1. Procedures of audit and supervision of efficiency and effectiveness of internal audit systems necessary to protect the company assets, soundness of financial statements, efficiency of operations thereof, including the administrative, financial, and accounting aspects thereof. 2. Compare development of risk factors and the current systems to evaluate the extent of efficiency of the company’s daily business operations, and its ability to encounter the unforeseen market changes. 3. Evaluate performance of the executive management in applying internal audit systems. 4. Reasons of failure in applying the internal audit or areas of weaknesses in its application, which affect or may affect the company financial performance as well as the procedure followed by the company to remedy failure in internal audit application.