Saudi Arabia market regulator places ban on Deloitte's audit work

01/12/2014 Argaam

Deloitte LLP could be blocked from auditing Saudi Arabia-based companies after the kingdom’s market regulator told local firms registered in the country to discontinue using its audit services.

 

The Capital Market Authority (CMA) recently issued a statement warning local companies against using Deloitte & Touche’s Saudi-based practice until it resolves its dispute with the market regulator, according to data available to Argaam.

 

The issue relates to Deloitte’s audit work for Mohammad Al-Mojil Group (MMG). The authority didn't elaborate further in its statement.

 

Deloiotte & Touche was the auditor for MMG in 2008 when the company first launched its initial public offering for 30 million shares for SAR 70 per share.

 

The CMA recently filed an ongoing case against MMG executives accusing them of violating the market’s systems and regulations.

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