Regulatory Alerts2015-11-22
External Auditors
The Saudi Central Bank’s Banking Supervision Department issued a circular to all licensed money exchange companies in the Kingdom requiring them to coordinate with their appointed external auditors. The directive mandates that companies formally notify the Authority of the specific accounting standards their auditors apply during annual financial statement reviews. This communication fulfills the operational requirements of Article Eighteen of the Money Exchange Business Rules, which compels every money exchanger to engage a licensed, Authority-approved external auditor for yearly account audits.
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