Global audit major handed suspension by Oman's CMA

Oman's CMA took the decision after determining that the company was carrying out accounting work for some companies listed on the Muscat Securities Market

  
Image used for illustrative purpose only. An investor works on his computer on the trading floor of the Muscat Securities Market (MSM) in the Commercial Business District of Ruwi in Muscat

Image used for illustrative purpose only. An investor works on his computer on the trading floor of the Muscat Securities Market (MSM) in the Commercial Business District of Ruwi in Muscat

REUTERS/STR New

Muscat: The Grievances Committee of Oman’s Capital Market Authority (CMA) has endorsed a decision to suspend a major international auditing company for one year.

The CMA took the decision after determining that the company was carrying out accounting work for some companies listed on the Muscat Securities Market.

“The company violated the provisions of Articles 112 and 113 of the Commercial Companies Law, the provisions of Article (5) of the Capital Market Law and the provisions of Article (282) of the Executive Regulations of the Capital Market Law,” according to a statement from CMA.

“These practices are not in line with international accounting standards, which resulted in a negative impact on some of the parties involved in the securities,” the statement added.


The decision includes suspending the accounting firm’s office from accepting new contracts from companies controlled by the CMA for one year from the date of its issuance.

However, it has been allowed to carry out its tasks until the annual general assembly meeting for contracted companies, prior to this decision.

The (CMA) has affirmed the necessity of complying with the applicable laws and regulations to ensure the achievement of the desired objectives and to ensure the performance of its functions, in accordance with applicable laws.

© Muscat Media Group Provided by SyndiGate Media Inc. (Syndigate.info).

More From Commercial