CMA LAW: Reminding Announcement "Directed to the Auditors Registered in the Concerned Register with the CMA" Regarding "Implementing Article (8) of Resolution No. (24) of 2012 Concerning the Issuance of Auditors Registration Regulations in the Concerned Register with the CMA"

In line with the CMA's endeavor to enhance the legal awareness and to implement its legislations, and in correspondence with the implemented provisions of Article (8) of Resolution No. (24) of 2012 regarding the Issuance of Auditors Registration Regulations in the Concerned Register with the CMA, the CMA would like to draw the attention of all auditors registered in the concerned register with the CMA to the importance of their compliance with the provisions of the mentioned Article regarding the registered auditor's submission of an annual report in June of each year. It shall include data and information about the human resources that he/she employed within the year, the auditing and advisory activities and other services provided to the companies regulated by the CMA, the training activity conducted within the year, in addition to the measurements and management of risks and quality control. The report shall also include a clarification of the auditor's degree of compliance with the provisions of Item (2) of Article (3) of the Regulations, which stipulates the following:

"Then number of clients for professional employees (including the partners) shall not in all times exceed:

1. Ten clients only for each accounting team leader who is considered as a professional employee with an experience of not less than seven years.
2. Seven clients only for each accounting team leader who is considered as a professional employee with an experience of not less than five years."

Therefore, tables which list the companies' names, the professional employees, the practical experience, the clients' names of each employee and their capitals, and whether or not he/she is subject to the CMA's supervision shall be submitted to the CMA. The term "clients" in the mentioned Item includes the companies subject to the CMA's supervision, and any other institution or company whose capital is not less than KD three Million.

The CMA reminds all auditors registered in the concerned register with the CMA that the deadline for submitting the required report to the Licensing and Registration Department at the CMA is 30^th June 2014. Compliance with such regulations shall prevent any violations and punitive accountability

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