Existence of an audit committee shall be considered a main feature indicating application of good governance, as such the committee shall incorporate the culture of liability inside the company through ensuring the soundness and integrity of financial reporting of the company, in addition to sufficiency and effectiveness of the conditions of internal audit systems applied in such a company. Accordingly, the board of directors shall form an audit committee consistent with the nature of the company activity and having the full independence, in addition to the necessity of provision of human personnel of specialized experience at the committee, in order to perform their duties.