The Capital Market Authority ("CMA") invited specialists, interested parties and the public to provide their comments and observations on the Draft Rules for Auditors of Entities Subject to the Authority's Supervision ("Draft Rules"), which are available on the CMA’s official website for a period of (30) calendar days from its publication. The CMA assured that all comments and observations received will be taken in consideration for the purpose of adopting the final version of the Rules.
The Draft Rules come in continuance to the CMA's efforts to develop and regulate the capital market, seeking more stability of the capital market's environment and in line with Saudi Arabia’s Vision 2030.
the Draft Rules aim to set out the standards and conditions required for the auditors of the Saudi Stock Exchange, the Securities Depository Center, authorised persons to carry on securities business (except authorised persons to carry on advising activity), investment funds and joint stock companies listed on the Exchange (which will be defined, for the purpose of these Draft Rules, as entities subject to the Authority's supervision), including conditioning registration with the Authority in order to carry on audit engagement for entities subject to the Authority's supervision, the requirements for such registration and its procedures. Additionally, the Draft Rules aim to indicate the continues obligations imposed on Registered Accounting Firm and Registered Certified Public Accountant, including the requirements for preparing and publishing the transparency report and providing periodic information by the Registered Accounting Firm, along with the procedures related to ensuring compliance with the provisions of the Draft Rules. Further, the Draft Rules set out the provisions of suspension or cancelation of registration and obligations imposed on Registered Accounting Firm when ceasing to carry on audit engagement for entities subject to the Authority's supervision.
The Draft Rules can be viewed via the following link:
The Draft Rules in Arabic:
مشروع قواعد تسجيل مدققي حسابات المنشآت الخاضعة لإشراف الهيئة The Draft Rules in English:
The Draft Rules for Registering Auditors of Entities Subject to the Authority's Supervision
