Regulatory Alerts2009-01-01
Board of Directors Decision No. (33) of 2009 Concerning Registration, Continuation of Registration, and Deregistration Rules for Auditors in the Authority's Register
The Capital Market Authority's Board of Directors issued Decision No. 33 of 2009 to establish a dedicated register for auditors and define strict eligibility criteria, including five years of experience, specific professional certifications, and mandatory quality control and independence systems. The decision mandates that only registered auditors may audit listed companies, public offerings, securities firms, bank-established investment funds, and insurance entities, while prohibiting direct or indirect financial interests in audited entities. It further establishes a Quality Control Unit to conduct periodic and non-periodic audits of registered auditors' work, outlining specific violations and a graduated disciplinary framework ranging from warnings and suspensions to deregistration, with all measures requiring final approval from the Authority's Board of Directors.