The General Auditing Bureau is responsible for examining and reviewing the accounts of private institutions and companies in which the state contributes to their capital or guarantees them a minimum profit. The Bureau's review of the accounts of the aforementioned private institutions and companies shall be conducted in accordance with commercial principles and within the framework of the regulations governing the operations of these institutions and companies, as clearly stated in this Regulation.

The oversight of the Bureau over private institutions and companies in which the government or public bodies and institutions contribute at least 25% of their capital aims to ensure that they are fully applying the financial and accounting regulations and laws that are subject to their specific systems, and that there are no financial transactions that contradict those regulations and laws.
To achieve these objectives, the Bureau has the following:

1. Examination of the final accounts and the balance sheet, ensuring the inclusion of necessary information that must be highlighted, and that it accurately reflects the net profits or losses or the surplus of revenues over expenses or their deficit in each financial year, as well as the true financial position of the institution or company.
2. Examination of the auditors' reports on the final accounts and the balance sheet, reviewing their reservations on them, ensuring their justifications if any exist, and following up on what should be taken regarding them.

3. Reviewing the financial books and records and auditing the documents to the extent deemed necessary by the Bureau in its assessment.

4. Ensuring that the institution or company applies modern and adequate systems for financial and internal control, including control over warehouses.

The Board of Directors of the institution or company must present any observations requested by the Bureau to the ordinary general assembly of shareholders when it convenes, and the Bureau must submit an annual report on the results of its examination and review of the accounts and its performance evaluation for each of the entities referred to in this article to the Prime Minister, the Minister of Finance and National Economy, and the relevant Minister.

All institutions and companies referred to in the previous article must provide the Bureau with all clarifications, data, and documents that it deems necessary and essential to carry out its functions in the best possible manner, and must supply the Bureau with a complete copy of:

Their articles of association, their financial and accounting regulations, the powers of the Board of Directors and managers, and any amendments that may occur to these. Their final accounts as stipulated in their regulations, and the report of the Board of Directors or the General Manager regarding their activities and financial position for the past fiscal year, at least twenty-five days before the scheduled date for the General Assembly meeting.

And their auditors must provide the Bureau with the examination and review program that they apply, along with any amendments that may occur in a timely manner, and a copy of their report on the final accounts and any violations or errors that may have been revealed, at least fifteen days before the scheduled date for the General Assembly meeting.

The General Auditing Bureau may send one or more representatives to discuss its observations presented in the meetings of the ordinary general assemblies of shareholders. The institutions and companies referred to in the previous article must notify the Bureau of the dates of these assemblies at least fifteen days prior to the scheduled date of their convening.

Regarding private institutions and companies in which the government or public bodies and institutions contribute less than (25%) of their capital, the oversight of their accounts shall be in accordance with the provisions stated in their bylaws and the Companies Law, as well as any other regulations issued in this regard. These entities are required to provide the Bureau with a complete copy of their final accounts as stipulated in their regulations, along with the report of the Board of Directors or the General Manager regarding their activities and financial position for the previous fiscal year, at least thirty days prior to the date of the ordinary general assembly of shareholders, so that the Bureau can provide the representatives of the state in these assembly meetings with its observations on those accounts and reports.

The oversight of private institutions and companies that the state guarantees a minimum profit to verify their entitlement to the amount of the disbursed aid.
For this purpose, the Bureau may request from the entity that disbursed the aid to provide it with the necessary information and clarifications, along with all documents and reports based on which the amount of aid was determined and disbursed. It may also review, to the extent required for the examination, any records, books, and documents it deems necessary to inspect at the premises of the private institution or company.

The President of the General Auditing Bureau may request the relevant authorities to conduct the necessary investigation and impose appropriate penalties on anyone found to have willfully concealed information with the intent of preventing the Bureau from performing its duties as stipulated in this regulation, or who has committed a financial violation of the rules set forth in the regulations of private institutions and companies subject to its oversight, which may result in a change in their financial position.

Institutions, companies, associations, centers, and organizations in which the state participates with another state or states, or with international organizations or bodies, are exempt from the provisions of this regulation, as their oversight is governed by the provisions stated in their foundational systems. The relevant ministries, authorities, and public institutions representing the state in those entities must send the final accounts, budgets, and financial reports received from their representatives to the General Auditing Bureau, so that the Bureau can study them and send its observations to the ministers or heads of the relevant authorities and public institutions.

The provisions of this Regulation shall come into effect one month after the date of its publication in the Official Gazette.