Oman's Capital Market Authority takes penal action against audit firms

01/02/2017 06:18 AST

Several corrective steps have been taken against audit firms by the Sultanate’s Capital Market Authority (CMA).

UTC International was deregistered as an accredited audit firm by CMA and three others were told to take corrective steps within two months, according to a press release.

The move comes as part of the measures taken by CMA to enhance the efficiency of audit firms accredited by CMA to audit the financial statements of the issuers in accordance with best international accounting standards.

CMA’s audit and inspection revealed that UTC failed to meet a number of requirements for accreditations of audit firms to audit the account of the entities regulated by CMA provided in the Auditors’ Accreditation Directives.

CMA said that auditors must abide by the professional terms and conditions to create highly efficient and professional audit environment.

CMA considers the auditors as the first line of defence to protect the participants of the stock market to review the soundness of the financial statements of the companies on which the investors rely in taking their investment decisions.


Times of Oman

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