Regulatory Alerts2009-01-01
Board of Directors Decision No. (24) for the Year 2009
The General Authority for Financial Supervision issued Decision No. 24 of 2009 to amend the legal title and operational framework of its Quality Control Unit for Auditors. The decision formally renames the unit, expands its mandate to verify compliance with auditing laws and ethical standards, and establishes its governing board structure comprising the Authority's Chairman and an appointed executive director. It further stipulates that the unit's internal meetings require a formal quorum, decisions on auditor suspensions or bans require a simple majority, and all such measures remain subject to final approval by the Authority's Board of Directors.
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