Regulatory Alerts2018-12-19
Rules for Registering Auditors of Entities Subject to the Authority's Supervision
The Capital Market Authority of Saudi Arabia mandates that all accounting firms and Certified Public Accountants must register with the regulator before conducting audit engagements for supervised entities. The rules establish fit-and-proper criteria, standardized application procedures, and continuing obligations including annual transparency reports, periodic information submissions, and dedicated compliance oversight. The Authority retains the power to approve or reject applications within thirty days and may suspend or cancel registration for violations, ensuring continuous quality control over audit engagements.
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