CMA approves amendments to rules of auditor registration at ESAS

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The Capital Market Authority (CMA) approved amendments to the rules for registering auditors of entities subject to the authority's supervision, effective from their publication date.
 

These amendments aim to develop the standards and conditions required for auditors of those entities. They also aim to develop every aspect that would enhance the confidence of the capital market's participants.
 

Some of the definitions stipulated in Article 2 of these rules were amended, including the definitions of the “Entities Subject to the Authority's Supervision (ESAS)", “Audit Engagements", and “Quality Control System".
 

Additionally, the Certified Public Accountant registration conditions were also amended. A full-time commitment is now required for the practice the account auditing, in accordance with the Law of the Profession of Accounting and Auditing.

A CPA is also required to work through an accounting Firm registered with the CMA.
 

This came after the CMA published the draft amendments to the rules for public consultation.