Regulatory Alerts2024-01-23
Added · Updated
Instructions on Standards and Conditions for Licensed Chartered Accountants Auditing Exchange Companies No. (3/2024)
The Central Bank of Jordan issued Instructions No. 3/2024, effective January 23, 2024, establishing standards and conditions for licensed chartered accountants and audit firms auditing licensed exchange companies. These instructions require exchange companies to adopt an external audit policy, change audit firms every seven years with a two-year cooling-off period, and ensure strict independence and objectivity of auditors. They also detail minimum qualifications for responsible chartered accountants and audit teams, including experience, training, and adherence to professional ethics, and mandate specific reporting duties to the Bank. Category D exchange companies are largely exempted but must appoint a responsible chartered accountant.