Economy
Capital Market Authority suspends eight audit firms for three months
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.
READ: CMA creates fund to help companies with insurance payouts
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.
-
Oil & Gas1 month ago
Oman Oil Exports Exceed 135.3m Barrels by End of June 2024
-
Hospitality2 months ago
OMRAN Group Achieves RO31.6M Net Profit, 44.6% Revenue Growth
-
Energy2 months ago
VIDEO: Dr. Firas Al-Abduwani Discusses Green Hydrogen, Potential Regions for Development & Creating a Green Ecosystem
-
Energy2 months ago
Oil Futures Rebounds Over US$1 After 7-Week Low
-
Leaders Speak2 months ago
VIDEO: Discussing The Future of Green Hydrogen in Oman with H.E. Salim Al Aufi
-
Interviews2 months ago
VIDEO: Talking Latest Developments in Aircraft Ground Guidance & More at Oman Airports
-
News2 months ago
Nikkei Closes with Largest Point Drop in History
-
Technology2 months ago
Celebrating Infoline’s Remarkable 20-Year Journey