Regulatory Alerts2021-09-02
Banks' Approvals for Licensed External Auditors in Saudi Arabia
The Saudi Central Bank requires all domestic banks and commercial banks to provide bank approvals for licensed external auditors regarding audit clients' accounts and balances, following documented client consent. This directive ensures reliable verification of financial statements by standardizing auditor requests and eliminating procedural delays across the banking sector. All regulated institutions must implement these approval processes immediately to support accurate financial reporting and regulatory compliance.
Saudi Central Bank
Reference No.: 43008128 Date: 1443/01/25 Attachments: None
Circular
To the Esteemed,
Peace, mercy, and blessings of God be upon you,
Subject: Banks' Approvals for Licensed External Auditors in the Kingdom.
Given the importance of cooperating with licensed external auditors to support their opinions on financial statements through the provision of bank approvals,
The Saudi Central Bank requests that banks and commercial banks cooperate with licensed external auditors in the Kingdom by providing bank approvals for the accounts and balances of audit clients, following the obtaining of documented client consent to request such approval.
For information and appropriate action.
Yours sincerely,
Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision
On behalf of / Ziad bin Bandar Al-Yousef Deputy Governor for Development and Technology
Distribution Scope:
- Banks and commercial banks operating in the Kingdom.