AN auditing office has been suspended for two years for breaching the profession’s protocols and submitting false information.
The Auditors Disciplinary Board at the Industry, Commerce and Tourism Ministry took action after the office was found to have failed to take into account international auditing standards, standards in preparing and presenting financial statements as well as provided false and contradictory information.
Minister Zayed Alzayani had requested the board to meet following several reports submitted by the ministry’s corporate control department.
“The department said it had discovered errors in the final accounts of many companies that this office had reviewed and audited,” said a ministry statement yesterday.
“The auditing conducted was in violation of international standards of auditing and financial statements preparation as well as providing insufficient supporting documents in audit files and many other violations.
“The ministry will take all legal and administrative measures against any auditing office found violating the provisions and laws in place.”
It also reaffirmed that it will spare no time or effort to protect citizens, residents and customers who have an interest in dealing with audited financial reports.
&uuid=(email))