Saudi CMA sets up division to supervise auditing

The Saudi market regulator, the Capital Market Authority (CMA) has introduced a new division to supervise the auditing of the listed companies and capital market institutions.

In a statement, the CMA said it has also formed a new committee comprising representatives from some relevant governmental entities and independent experts.

The step is aimed at improving market transparency and boosting confidence in the financial statements and reports, the acting vice-chairman of CMA Board of Commissioners, Abdulrahman AlBarrak said.

This step will also increase foreign investments and enhance cross-listing.