The Jordan Securities Commission recently published a draft of new instructions pertaining to external auditors requirements to be abided by auditor firms wishing to conduct audits on entities regulated by the JSC, including Public Shareholding Companies and Financial Service Firms.
Main requirements include:
1. Auditor firm to be officially registered in a special JSC auditor approved list.
2. Audit reports to be based on International Federation of Accountants (IFAC).
3. Audit firm is to separate consulting work team from audit work team.
The JSC draft also included measures to be taken by the JSC against auditors’ violations.
It should be noted that this is in accordance with article (12) of the Jordan’s Securities Law.
Please find below link to the draft instructions (in Arabic):
http://www.jsc.gov.jo/News/Nws_NewsDetails.aspx?Type=P&lang=1&Site_ID=2&NewsID=666