Deloitte Said to Face Saudi Regulator’s Ban on Audit Work - Bloomberg

Deloitte Said to Face Saudi Regulator’s Ban on Audit Work - Bloomberg:



"Deloitte LLP may be blocked from auditing companies in Saudi Arabia after the country’s market regulator told firms registered in the kingdom to stop using its local services, according to a circular obtained by Bloomberg.



The Capital Market Authority said in the circular dated Nov. 27 that publicly traded companies it regulates should avoid working with Deloitte’s Saudi Arabian practice as of June 1. The ban could be revoked if Deloitte resolves a dispute the regulator didn’t specify, according to the circular. The dispute relates to Deloitte’s audit work for Mohammad Al-Mojil Group (MMG), a construction-industry services provider based in Dammam, Saudi Arabia, according to four people with knowledge of the matter.



Deloitte operates in the kingdom as Deloitte & Touche Bakr Abulkhair & Co., and has had a practice there for more than 50 years, according to its website. It audits some of the country’s largest companies, including state-owned Saudi Telecom Co. (STC) and Yanbu National Petrochemicals Co. (YANSAB)

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