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Prior to appointing an external auditor, a Consumer Microfinance Company shall obtain a non-objection letter from SAMA. SAMA may require the company to appoint another auditor whenever the size and nature of its business require so.
2.
SAMA may require the Consumer Microfinance Company to replace its external auditor or may appoint another external auditor at the expense of the company in any of the following cases:
a.
when necessary due to the size and nature of its business;
b.
the external auditor has committed a breach of professional obligations; if there is a reason to believe that the external auditor has a conflict of interest; or
c.
when necessary for the protection of the finance sector or governance considerations and the protection of shareholder’s interest.
3.
The external auditor must report to SAMA immediately all facts of which he/she obtains knowledge in the course of an audit and which:
a.
justify the reservation in the audit report or the abstention from giving an opinion;
b.
jeopardize the existence of the consumer microfinance company;
c.
seriously impair the company’s development;
d.
indicate an evidence that the executives violate any of the applicable laws, regulations or instructions in Saudi Arabia or the by-laws of the company; or
e.
terminate the agreement before it ends with the reasons thereupon.
4.
SAMA may require the external auditor to explain his/her report or to reveal other facts that may have come to his/her attention during the audit, which indicates any violation of the laws, the regulations, the instructions or the by-laws of a Consumer Microfinance Company.
