Kreston NBB Professional Consulting has been approved by Saudi Arabia’s Capital Market Authority (CMA) board to provide audit services to organisations overseen by the regulator.
The registration allows Kreston NBB to conduct audit engagements for CMA-supervised entities, following the conditions and requirements set out in the Capital Market Law and its Implementing Regulations.
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Additionally, the company may audit listed companies and real estate investment traded funds after meeting relevant additional requirements.
Kreston said in a statement that the approval is an “important milestone” and bolsters the brand’s presence in Saudi Arabia.
The CMA’s auditor registration system is intended to support transparency, disclosure and confidence in Saudi Arabia’s capital market.
In an exchange filing, the CMA said: “The CMA’s approval on registering the company aims to carry out audit engagements for ESAS, as the financial statements and financial information are considered a main factor to enhance the confidence of the market and raise the level of transparency and disclosure in the capital market.”
Financial statements and related information are used by investors and other stakeholders when making decisions.
Kreston NBB’s approval brings the number of accounting companies registered with the CMA to 17.
The authority also has 58 registered certified public accountants.
The approval follows continued regulatory changes surrounding audit services for capital market participants in Saudi Arabia.
In 2022, the CMA revised its Rules for Registering Auditors of Entities Subject to the Authority’s Supervision, which were first introduced in 2018, to further develop the auditor registration process.
