The CMA notified licensed persons and investment funds not to provide it with the draft reviewed periodical financial statements or the draft annual financial. CMA emphasizes that the reason behind such approach is adopting the post-supervision method, which is compatible with the best international practice in this regard. This means that the CMA will continue performing careful review for the financial statements of the companies subject to its supervision without a time limit for finishing the review. On the other hand, it will continue ensuring that the board of directors and its auditors are aware of their responsibilities regarding the soundness and accuracy of the financial statements as it is their legal responsibility.

The CMA would also like to draw the attention of the licensed persons and investment funds to the importance of continuing to send the reviewed periodical financial statements and annual audited ones, and the auditor’s report to the CMA on the appointed dates.