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Saudi transport ministry carries out road safety projects The ministry also undertook cleaning operations of low-lying areas and valleys following rains to make those areas commutable. The ministry also evaluated 17 bridges and carried out necessary maintenance. The Transport Ministry ensured highest safety standards while carrying out the projects to make the Kingdom’s roads secure and reduce traffic accidents. The ministry also completed survey of 4,652km of dirt roads and carried out necessary maintenance wherever required. The Transport Ministry has pledged to take all steps to raise the level of safety on the Kingdom’s roads and reduce the number of deaths due to traffic accidents. Crown prince awards Saudi Cup at King Abdulaziz Racetrack to winner LONDON: Saudi Arabia’s Crown Prince Mohammed bin Salman awarded the Saudi Cup to the winner of the final race of the world's most valuable race meeting on Saturday at the King Abdulaziz Racetrack in Riyadh. Saudi-owned Mishriff won the $20 million Saudi Cup and Prince Mohammed awarded three trophies to the owner of the horse Prince A A Faisal, jockey David Egan and Thady Gosden, on behalf of his trainer father John, respectively.  The crown prince was patronizing the prize ceremony for the world’s richest race on behalf of King Salman who is honorary president of the Kingdom's Equestrian Club. #WATCH : #SaudiArabia ’s Crown Prince Mohammed bin Salman arrives at #Riyadh 's King Abdulaziz Racetrack ahead of the $20m @thesaudicup race #SaudiCup2021 (Video: @alekhbariyatv ) https://t.co/eHw4kmG3ji pic.twitter.com/ChvgjWnbVB — Arab News (@arabnews) February 20, 2021 Greek FM to discuss military ties with Saudi Arabia Athens eyeing possibility of placing Patriot anti-missile battery in Kingdom to combat Houthi threats Greek FM willing to visit Riyadh to conclude agreement ATHENS: Greece is eyeing the possibility of stationing a Patriot anti-missile battery on Saudi soil to help the Kingdom boost its air defenses against missile attacks on its critical infrastructure, mainly from Iran-backed Houthi militias in Yemen. Speaking in front of the Foreign Relations and Defense Committee in the Greek Parliament, Foreign Minister Nikos Dendias said the two countries may be close to signing a Status of Forces Agreement that will allow Greek military personnel to be stationed in Saudi Arabia for as long as the Patriot battery remains in the Kingdom. He insisted that the Patriot is a defensive system, not an offensive one, and expressed his willingness to visit Riyadh soon in order to conclude the agreement. Dendias had discussed the Patriot’s transport and the enhancement of bilateral defense ties with his Saudi counterpart Prince Faisal bin Farhan in January 2020 when the latter visited Athens. The transport was delayed due to the coronavirus pandemic, but the two men discussed ways to speed up the delivery on the margins of the Philia Forum in Athens earlier this month, Dendias said. Turkey’s assertive policies in the eastern Mediterranean have forced Greece to engage actively with Arab countries such as Saudi Arabia and the UAE, diplomatically and militarily. In November, Greece and the UAE signed a mutual defense treaty to protect against common threats, while the two countries have held joint military drills. Discussions between Riyadh and Athens on the delivery of a Patriot battery started during the last days of the previous Greek government. The plan is for the Patriot to be accompanied by around 40 Greek officers. Riyadh will cover the cost of transport and of upgrading the battery. The Patriot is considered one of the best anti-missile systems in the world. Its radar can cover an area of up to 170 km, while it can engage targets in a range of up to 150 km. Saudi Arabia announces 3 more COVID-19 deaths The total number of recoveries in the Kingdom has increased to 365,745 A total of 6,457 people have succumbed to the virus in the Kingdom so far LONDON: Saudi Arabia announced three deaths from COVID-19 and 325 new infections on Saturday.

https://www.arabnews.com/node/1806736/saudi-arabia

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Other noncompliance findings were failing to include all relevant workpapers in the audit documentation (7/55), a repeat finding from 2018, and failing to review and retain management representations relating to foreign affiliates (3/14). In response to the inspection report, Deloitte & Touche Chair Lara Abrash and Deloitte CEO Joseph Ucuzoglu reaffirmed executing high-quality audits is the firm’s No. 1 priority. “In order to drive continuous improvements in quality, we are transforming the audit to leverage innovative technologies, along with enhancing the skillsets of our talent to prepare them for a digitally driven future,” they said. “We are confident that our ongoing digital transformation, along with the investments we continue to make in our audit processes, policies, and quality controls, are resulting in significant enhancements to our audit quality.” EY’s significant deficiencies declined to 18.3 percent (11 of 60 audits) in 2019 from 25.9 percent (14/54) in 2018. The areas identified in 2019 primarily related to testing design or operating effectiveness of controls and testing controls and/or substantive testing over accuracy and completeness of data or reports. The areas with most frequent deficiencies in 2019 were revenue and related accounts (7), business combinations (2), and long-lived assets (2). In both 2019 and 2018, EY’s revenue deficiencies related to control and substantive testing, including controls over systems, and the business combination deficiencies primarily related to testing controls and evaluating reasonableness of management’s assumptions relating to fair values of assets acquired and liabilities assumed. Like Deloitte, EY was noted for noncompliance for failing to review and retain management representations relating to foreign affiliates (2/14). “Performing high-quality audits with independence, integrity and professional skepticism is at the heart of our responsibilities as auditors. While we are facing significant uncertainties in our working world and society in general right now, our commitment to audit quality remains constant,” said EY U.S. Chair and Managing Partner Kelly Grier and U.S. Vice Chair of Assurance John King in response. The PCAOB also published 2019 inspection reports for RSM, Grant Thornton, and BDO, with each showing improvement from 2018. Here are the highlights: Significant deficiencies for KPMG declined to 29.3 percent (17 of 58 audits) in 2019 from 36.5 percent (19/52) in 2018. The firm had been at 50 percent (26/52) as recently as 2017. KPMG’s most common deficiencies in 2019 related to failure to perform substantive procedures because of deficiencies in testing controls and overreliance on controls, insufficient testing to address identified risks, and insufficient evaluation of significant assumptions or data the issuer used to develop estimates. Deficiencies in 2019 were most frequent, and almost the same in number as 2018, in the audit areas of revenue and related accounts (9), business combinations (3), inventory (2), allowance for loan losses (2), and derivatives (2). In both years, the significant number of deficiencies in revenue related to testing of controls and substantive testing. Other instances of noncompliance included failures to make required communications to audit committees about other firms participating in the audit (3/19) and omitted information on Form AP relating to audit participation by other accounting firms (2/20). There was also inaccurate language relating to description of a critical audit matter (CAM) in 1 of 3 relevant audits.

https://www.complianceweek.com/accounting-and-auditing/pcaob-2019-inspection-reports-deloitte-still-tops-pwc-deficiency-rate-rises-again/30024.article