Riyadh – Mubasher: The Board of the Capital Market Authority (CMA) has approved amendments to the Rules for Registering Auditors of Entities Subject to the Authority’s Supervision, effective immediately upon publication.
The regulatory update aims to align local auditing standards with international best practices and improve the quality of financial disclosures across the Saudi capital market.
Under the revised framework, registered accounting firms must maintain a sufficient number of audit managers who hold fellowships from the Saudi Organization for Chartered and Professional Accountants (SOCPA) or equivalent professional certifications.
The amendments also mandate the implementation of robust quality management systems for the audit and review of financial statements.
Registered firms are now required to cooperate with CMA inspections by providing all requested data and documents.
If an inspection identifies deficiencies, firms must submit and execute a corrective action plan approved by the CMA.
Furthermore, auditors must share final inspection results regarding a listed company's audit file with that company’s audit committee.
Transparency requirements have also been expanded. Accounting firms must now disclose details regarding ownership, governance, and leadership, alongside an annual evaluation of their internal quality management systems.
These changes follow a public consultation period that began on 8 April 2026, lasting for 30 calendar days.
