Deloitte banned from audit work for two years by Saudi Arabia’s market regulator | The National

Deloitte banned from audit work for two years by Saudi Arabia’s market regulator | The National:

"Saudi Arabia’s market regulator said it had barred the local unit of New York accountancy firm Deloitte & Touche from providing accounting services in the kingdom for two years for breaching rules on accumulated losses.

The move by the Capital Market Authority’s (CMA) Committee for the Resolution of Securities Disputes stepped up penalties already imposed on Deloitte over a long-running case involving its work for troubled Saudi contractor Mohammed Al Mojil Group (MMG).

The CMA previously suspended Deloitte from doing auditing work for listed firms in the kingdom for two years while the case was pending, beginning June 1, 2015."



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