CMA publishes draft amendments for auditor registration for public consultation

The Capital Market Authority (CMA) published today, March 29, the draft amendments to the rules for registering auditors of entities subject to its supervision for public consultation for a period of 30 days ending on April 27, according to a statement.

The draft amendments aim to develop the standards and conditions required for auditors of entities subject to CMA's supervision in light of the issuance of the law of the profession of accounting and auditing. They seek to develop every aspect that would enhance the confidence of the capital market's participants and support its growth and prosperity, the statement added.

The CMA said that the main elements of the draft amendments include amending the definitions stipulated in Article (2) of the rules, which includes amending the definitions of the “Entities Subject to the Authority's Supervision (ESAS)", “Audit Engagements", and “Quality Control System".

They also include amending the certified public accountant registration conditions by adding a requirement that they have 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 has been working through an accounting firm registered with CMA.