Saudi Arabia – One audit firm controls 57% of insurance
Thursday, 04 06 2017, Category: Insurance and Reinsurance, Country: Saudi Arabia
A survey conducted by the “Maaal” economic newspaper revealed that 3 auditing firms (Ernst & Young, PriceWaterhouseCoopers, KPMG Al Fozan & co) control the auditing and review of 12 banks listed in the Saudi stock market “Tadawul”.
According to the survey “KPMG Al Fozan” participated in the auditing of 9 banks, Ernst & Young audited 8 banks whereas PriceWaterhouseCoopers audited 7 banks.
Moreover, the survey found 14 auditing firms reviewed the financial statements of the 35 insurance companies by year-end 2016 where “Al Bassam” firm audited 57% of the insurance companies in collaboration with other auditors i.e. for 20 insurance companies.
Source: Maaal Newspaper