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Market Authority updates audit regulations
The Saudi Capital Market Authority's Board has approved amendments to the registration rules for auditors of entities under the Authority's supervision, aiming to improve the quality of audit processes and enhance transparency of the disclosed financial information. The changes include requiring audit managers to hold fellowship with the Authority or equivalent professional fellowships, implementing a suitable quality management system related to audit engagements, and ensuring adherence to professional standards when examining financial statements. These measures are designed to strengthen investor confidence and elevate the overall quality of audits in the financial market.
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