Deloitte faced a ban by the Saudi government in auditing any companies after a circular was issued by the market regulator telling other organizations to stop using its local services. According to this circular, the Saudi Capital Market Authority (CMA) issued a circular referring to a decision by the Committee for the Resolution of Securities Disputes (CRSD). This statement was released in relevance to an investigation of a client of Deloitte and Touche Bakr Abulkhair and Co. The companies were cautioned against engaging wit this firm until the case was resolved.
The circular was issued to listed companies and bodies under the authority of CMA. The non-audit services are however not included. Deloitte can however extend its auditing services to other firms other than mentioned in the list. Deloitte and Touche Bakr Abulkhair and Co audit some of the largest companies of Saudi Arabia. The company however agreed to cooperate and respected the decision of CMA, stating that it would address the case as soon as possible.
Deloitte stands by its stance that its audit of the said company was in accordance with the standards and is dedicated in providing quality in its services and follows ethical standards within its firm. It gives importance to the responsibilities given to it and takes them seriously. Deloitte has expressed its resolve in providing the best in its services to the rest of the firms in Saudi Arabia.