Regulatory Alerts2009-01-01
Decision No. 34 of 2009 of the Board of Directors of the General Authority for Financial Supervision Amending the Decision Establishing the Quality Control Unit for Auditors Registered with the Authority
The General Authority for Financial Supervision issued Decision No. 34 of 2009 to formally rename its internal oversight body to the Quality Control Unit for Auditors Registered with the General Authority for Financial Supervision. The decision expands the unit's mandate to include proposing regulatory rules and suspension or deregistration procedures for auditors of listed companies, public subscription entities, securities firms, investment funds, and insurance and real estate financing companies. It also restructures the unit's governing board by defining its composition, establishing a quorum and voting thresholds for disciplinary actions, and prohibiting voting members from holding concurrent auditing practices or professional ties to practicing auditors.