Saudi Market Approves Audit Rules

The Saudi Capital Market Authority has adopted amendments to the rules governing the registration of external auditors of supervised entities, aimed at enhancing the quality of audit processes and increasing the level of disclosed information by accounting firms. The amendments include requirements to strengthen the qualification of professional competencies, such as having audit managers who are Fellows of the Authority or hold an equivalent recognized certification, as well as implementing a quality management system that complies with professional standards. Additionally, the amendments obligate accounting firms to cooperate fully with the Authority, submit corrective plans when necessary, and provide comprehensive disclosures regarding their quality management systems, firm ownership, and governance. These measures aim to enhance transparency and build investor confidence in the market. These amendments are part of the Authority’s efforts to adopt best international practices and improve the quality of auditing within the Saudi financial market.

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