Regulatory Alerts2019-02-12
Added · Updated
Providing Annual and Quarterly Financial Statements and Internal Control System Reports to SAMA
The Saudi Arabian Monetary Authority (SAMA) mandates that exchange offices submit quarterly financial position statements within 15 days, reviewed quarterly financial statements within 30 days, and audited annual financial statements within two months following each fiscal period. The circular further requires offices to limit external auditor appointments to five consecutive years, commission separate annual internal control system evaluation reports, and deliver all submissions electronically and in hard copy to SAMA. These compliance obligations apply effective for the 2019 financial year, with violations subject to regulatory enforcement.
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