Abdulmuhsen Al-Khalaf was selected as chair of the group’s audit committee JEDDAH: Members of the World Bank Group (WBG) executive board have unanimously selected Saudi representative Abdulmuhsen Al-Khalaf as chair of the group’s audit committee. Al-Khalaf is the executive director representing the Kingdom and has been in the position since November. Prior to that, he served as alternate executive director between 2018 and 2020, and as adviser to the Saudi executive director between 2014 and 2018. The audit committee members consist of executive directors representing the US, France, Japan, China, the UK, Brazil, and Poland. The committee is appointed to assist the executive board in overseeing the WBG’s finances, accounting, risk management, internal controls, and institutional integrity. The committee maintains integrity of financial statements for WBG institutions and financial reporting related to trust funds. It also oversees appointments, qualifications, and independence of external auditors, and supervises internal and external auditors’ performance. In addition, it ensures that financial, accounting, and administrative policies, as well as internal controls related to fraud and corruption are adequate and effective. Prior to joining the WBG board, Al-Khalaf served as an economist at the Saudi Ministry of Finance, where he worked on several economic and financial policy issues and a variety of topics on the G20 agenda, representing the Kingdom in the G20 development working group. Saudi Arabia became a member of the WBG in August 1957.