Wednesday, February 13, 2019

All Change For Audit Regulation In Saudi Arabia

New rules for audit firms of CMA-supervised entities

The Board of the Capital Market Authority (CMA) of Saudi Arabia has published its Rules for Registering Auditors of Entities Subject to the Authority's Supervision (the Rules). The Rules set out the standards and conditions to be met by the auditors of entities that are subject to CMA supervision, including registering with the CMA. One of those conditions is the requirement to publish an annual transparency report.

The Rules came into effect on 19 December 2018 except for:

  • Paragraph (a) of Article 5, prohibiting any person that has not been registered with the CMA from auditing CMA-supervised entities, comes into force on 30 June 2019
  • Sub-paragraph (a) of paragraph (2) of Article 8, requiring certified public accountants to obtain a fellowship certificate in accordance with the Law of Certified Public Accountants in order to register as such, will come into force on 20 December 2021

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