Eight audit firms’ operations suspended in Oman

Muscat: Oman’s Capital Market Authority (CMA) has stopped eight audit firms from operating in the country for a period of three months for not regulating their accreditation.

The companies have been given a grace period to renew their accreditation after presenting the proper credentials to the CMA.

A statement from CMA said, “The Capital Market Authority has issued a number of decisions suspending a number of 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 months from the date this regulation having effect.”

The rules were issued by the Capital Market Authority to ensure that they strictly complied with the requirements of both the International Standards of Auditing (IAS) and other international requirements.

The organisation added in its statement, “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.”