The Shura Council: proposes four additional articles to the CPAs' Regulations
At its regular forty-first session held on Monday, 08.08.1436 H corresponding to 26.05.2015, the Saudi Shura Council approved the draft amendment of the CPAs' Regulations, which included four additional articles.
HE Assistant Chairman of the Shura Council Dr. Yahya bin Abdullah Asamaan explained in a statement after the meeting that the Council's decision came after hearing the view of the Finance Committee, on the notes and views made by members with respect to the proposal " addition of four new articles to the CPAs' Regulations " issued under Royal Decree No. (M / 12) dated 13.05.1412 H, sponsored by council member Dr. Hossam Al-Angari, on the basis of Article 23 of the Shura Council law, read by the Chairman of the Committee Dr. Hossam Al-Angari.
Articles proposed to be added to the CPAs' Regulations are, Article VII bis which states that " The supervisory work carried by the certified accountant, whether an individual or a partner in a professional firm, shall not be less than 5% of the total professional work required for each auditing engagement
", Article XIV bis, which states that " the number of public companies audited by the certified accountant, whether an individual or a partner in a professional firm, during each year shall not be more than five public companies" , Article XIV bis 2 which states that " the certified accountant, whether an individual or a firm, shall not audit public companies, banks and public enterprises for more than five years and may be reappointed once again after two consecutive years ",and Article XXIX bis which states that " the registration of a certified accountant who is suspended from practicing the profession for a year or more during five years, shall be cancelled in accordance with the provisions of this Regulation and its Bylaws, and the decision shall be published on the expense of the violator in one or more of the local newspapers"