TWO auditing firms/offices are under investigation for violating the law and norms of the profession, said the Industry, Commerce and Tourism Ministry yesterday.
The corporate control department referred both offices to the Auditors Disciplinary Board.
The ministry cited non-compliance with the ethics and norms of the profession, non-registration of all partners in the auditors’ register, and absence of a signed contract between the auditor and the client.
The corporate control department also noted the absence of working papers and evidence documenting and supporting the audit process (audit documentation), and the issuance of undated financial reports.
The offices which are under investigation allegedly cited data and figures which are not substantiated in their reports.
The ministry vowed zero tolerance against violations of the provisions of the law in a way that enhances transparency to strengthen the sustainability and confidence in the commercial and economic environment in Bahrain.
It urged audit offices to fully comply with professional norms and legislations regulating their profession to preserve the financial standing of companies and protect Bahrain’s business environment.
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