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.
In the Name of Allah, the Most Gracious, the Most Merciful
Saudi Central Bank Headquarters
Banking Supervision Department Ref. No.: ............................................................ Date: .......................................................... Attachments: ........................................................
Ref. No.: 371000016270 Date: 10/02/1437 AH Attachments:
Circular to All Money Exchange Companies Operating in the Kingdom
Respected / Dear
Peace, mercy, and blessings of God be upon you:
Pursuant to Article Eighteen of the Rules Governing the Practice of Money Exchange Business issued by Minister of Finance Decision No. (1357) dated 01/05/1432 AH, which stipulates "that every money exchanger must appoint an external auditor licensed and acceptable to the Authority to audit and review their accounts annually....".
Therefore, we request that you contact your external auditor to inform us of the accounting standards they follow when auditing and reviewing financial statements.
Yours sincerely,,,
Osama Mohammed Shaker Director General of Banking Supervision
P.O. Box 2992, Riyadh 11169, Central Telegraph, Telex: 404400, Tel: 4633000, Fax: 4662119