MANAMA: Two audit firms have been suspended by the Auditors Disciplinary Board for multiple violations.
A statement by the Industry and Commerce Ministry yesterday said the board decided to suspend an auditing firm for a period of one year and another for a period of two years.
Both firms were deemed to have violated the rules of the profession for failing to apply international auditing standards in preparing and presenting financial statements, mentioning false information, and for not reflecting the true financial position of the company.
The Audit Disciplinary Board was convened after several reports were raised by the Companies Control Directorate at the ministry, having discovered errors in the final accounts of several companies audited by these firms, violation of international audit standards in preparing and presenting financial statements, inadequate documentation in audit files, as well as other irregularities.
The ministry has stated it would take necessary legal and administrative actions against any audit firm found to be in violation of applicable laws and provisions to protect citizens, investors and all who are concerned with audited financial reports.
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