The Capital Market Authority has issued a number of decisions suspending a number of audit firms from auditing the accounts of the companies regulated by CMA for three months as a grace period to rectify their situations and meet the legal requirements. The move comes as it is established the firms have violated Second Paragraph of First Article of Decision No. 8/2018 on the Rules for Accreditation of Auditors which provides ”Auditors accredited by CMA must renew their accreditation during a period not exceeding six (6) months from the date this regulation having effect.”
The list of the firms suspended from auditing the accounts of the companies regulated by CMA include 8 firms namely, Ibn Hayyan Chartered Accountants, HC Shah Chartered Accountants, Maganlal Thacker & Co., Baker Tilly MKM Oman, Talal Abu Ghazaleh & Co., Mazaz Chartered Accountants & Co., Regional Audit Firm Chartered Accountants and Maqbool Hussain Mosa Accounts Auditors.
CMA has had issued the rules regulating the business of audit firm to ensure they strict comply with IAS and IFRC requirements. CMA continuously assesses the performance of audit firm by its audit teams for their important role in auditing the financial reports and quarterly statements announced through MSM to ensure their accuracy and impartiality and that they truly represent the positions of the companies, and to detect any manipulation or fraud practices to protect the investors and to provide adequate information for sound investment decisions.