Y Magazine

Here’s why Oman’s market regulator suspended Moore Stephens

CMA highlighted the importance of audit firms in complying with the laws, regulations and the professional /international practices.



The Capital Market Authority (CMA) on Monday suspended Moore Stephens from auditing accounts of companies regulated by the CMA for one year.

The penal action is for violating Articles 112 and 113 of the Commercial Companies Law, Article 5 of the Capital Market Law and 282 of the Executive Regulations of the Capital Market Law, the market regulator said in a statement.

The decision was taken after detailed examination of the matter and giving the firm reasonable opportunity to be heard. CMA said that the firm had accepted practices by few regulated entities that were inconsistent with the international accounting practices causing adverse effect on certain market participants.

The firm can continue with the existing engagements until the annual general meetings of these companies. Moore Stephens has appealed the decision pursuant to Article 61 of the Capital Market Law. CMA highlighted the importance of audit firms in complying with the laws, regulations and the professional /international practices.