The Capital Market Authority (CMA) has suspended eight audit firms from auditing the accounts of CMA-regulated companies, according to a statement released on its website.

The companies have been suspended only for three months, which will act as a grace period for them to fulfill legal requirements and get their house in order.

According to CMA, these firms are in violation of 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 include 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.

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According to the statement, CMA has issued the rules regulating the business of audit firms to ensure they strict comply with IAS and IFRC requirements and its audit team continues to assesses the performances of audit firms to ensure 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.