MUSCAT: Oman’s Appellate Court has upheld the decision of the Capital Market Authority (CMA) against KPMG, the financial services and audit company.
In a statement, it said, “Capital Market Authority (CMA) hereby wishes to inform that the independent appellate body considered KPMG’s appeal against CMA decision that had suspended KPMG from auditing entities regulated by CMA for a period of one year starting from 13 November 2018. The appellate body, after hearing the argument of both parties, issued its judgement on 28 February 2019 upholding the decision taken by CMA.”
In November, the CMA suspended KPMG from auditing listed entities it regulates after finding “major financial and accounting irregularities”.
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The CMA launched an inspection of some listed entities and when it discovered the irregularities, it decided to take action to protect investors and stakeholders.
A review examining why the auditors had not discovered or reported these irregularities “established professional negligence on the part of some audit firms that warranted disciplinary measures against them in the interests of the investors and other stakeholders”, the CMA said.
KMPG was allowed to appeal the decision before an independent appellate authority.