As part of the Capital Market Authority's ("CMA") strategic objectives to develop the capital market, and based on the Capital Market Law issued by Royal Decree No. (M/30), dated 02/06/1424 H, the CMA Board issued its resolution to publish the Draft Amendments to the Rules for Registering Auditors of Entities Subject to the Authority's Supervision (the “Draft Amendments"), for public consultation for a period of (30) calendar days ending on 26/09/1443H corresponding to 27/04/2022G.
The Draft Amendments aim to develop the standards and conditions required for Auditors of Entities Subject to the Authority's Supervision in light of the issuance of the Law of the Profession of Accounting and Auditing. The Draft Amendments also aim to develop every aspect that would enhance the confidence of the capital market's participants and support its growth and prosperity.
The main elements of the Draft Amendments are as follows:
- Amending the definitions stipulated in Article (2) of the Rules for Registering Auditors of Entities Subject to the Authority's Supervision, which includes amending the definitions of the “Entities Subject to the Authority's Supervision (ESAS)", “Audit Engagements", and “Quality Control System".
Amending the Certified Public Accountant registration conditions, by adding a requirement that he has to be a full-time professional to practice the profession of account auditing in accordance with the Law of the Profession of Accounting and Auditing, and he has to be working through an Accounting Firm registered with the CMA.
The CMA, with full gratitude, would receive the opinions and comments of relevant and interested persons, through any of the following:
- The Unified Electronic Platform for Consulting the Public and Government Entities (Public Consultation Platform), affiliated with the National Competitiveness Center, through the following link: )istitlaa.ncc.gov.sa(.
The prescribed form through the following email: (Laws.Regulations@cma.org.sa).
All comments will be taken into full consideration for the purpose of finalizing the Draft Amendments.
The Draft Amendments can be viewed via the following link:
The Draft Amendments to the Rules for Registering Auditors of Entities Subject to the Authority's Supervision
Prescribed form for providing comments