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Effective from 2020-10-10 - Oct 09 2020 To view other versions open the versions tab on the right
a.
Each Money Changer must appoint a licensed external auditor to examine the financial statements, audit and review its accounts, and evaluate internal control systems, provided that the total period of the auditor's appointment does not exceed five continuous years.
b.
If the Money Changer fails to assign an auditor within a period of three months from the beginning of the Financial Year, SAMA may appoint an external auditor at the expense of the Money Changer.
c.
In addition to the auditor that the Money Changer is required to appoint pursuant to Paragraph (a) of this Article, SAMA may, if it deems it necessary, appoint another external auditor at the expense of the Money Changer to audit and review the accounts of the Money Changer or evaluate its internal control systems. SAMA shall specify the duration of the work and the fees of the auditor.
