MUSCAT: Oman’s Capital Market Authority (CMA) has suspended eight audit firms from auditing entities, it regulates for three months.

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 are the companies suspended by CMA on Thursday.  

The securities regulator said it has given a “grace period” of three months to these firms to take corrective steps and renew their licence after submitting proper credentials. 

In a statement issued online, CMA said: “The move comes after these 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.

In November 2018, CMA suspended top audit firm KPMG for one year after it uncovered “major financial and accounting irregularities”. 

 “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,” the statement from CMA added. 

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