When companies shop for an auditor, proposals look alike on the surface: a qualified team, sector experience, and a professional licence. In the Kingdom, one distinction cuts through the noise: is the firm accredited by the Capital Market Authority? Only sixteen firms hold that accreditation — and Alshubaily is one of them.
What is the accreditation?
The CMA does not allow every SOCPA-licensed firm to audit entities under its supervision — listed companies, investment funds, and authorised persons. It requires the firm to be registered on its list of accredited certified public accountants, after meeting requirements that go well beyond an ordinary professional licence.
What does staying on the list require?
Accreditation is not a certificate for the wall. It is an ongoing obligation under periodic oversight, including:
- A documented internal quality-control system covering every audit engagement — from client acceptance, through supervision, to second-partner review before the opinion is issued.
- Heightened independence standards beyond the professional minimum — managing conflicts of interest, rotating engagement partners, and restricting other services provided to the same audit client.
- Competence and qualification requirements for partners and staff, with continuing professional development.
- Inspection and review programmes that test whether the above is applied in practice, not only on paper.
Why does this matter if you are not listed?
The natural question: “We are a private family business — why should we care about the CMA?” Three reasons:
First — quality is not segmented. A firm that runs quality systems at CMA standard applies the same methodologies to every client. There is no “listed team” and “everyone else.” You get listed-company oversight regardless of size.
Second — the path to listing starts years before listing. If a Main Market or Nomu offering is in your plans — even distant ones — your historical financial statements will be scrutinised on the way. Engaging an accredited auditor now means you are less likely to rebuild your financial history later, one of the most costly and time-consuming stages of IPO readiness.
Third — other parties’ confidence. Banks, investors, joint-venture partners, and major tender committees all read the auditor’s name on your report. A CMA-accredited signature shortens rounds of follow-up questions.
How can you check for yourself?
The list of accredited firms is published on the CMA website and open to everyone. Before you engage an auditor, confirm they are on it — two minutes that can save you a great deal.
Contact usLooking for a CMA-accredited auditor? Contact us to discuss your needs — whether you are listed, preparing to list, or simply want listed-level quality.
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