News & Updates
2019-09-28 - 2019-09-29
Clarification on the news of suspension of Auditors
The Capital Market Authority on 26th September 2019 issued a number of decisions suspending a number of audit firms from auditing the accounts of the companies regulated by CMA for three months as a grace period to rectify their situations and meet the legal requirements. The license for Auditors is issued by the Licensing department of Ministry of Commerce and Industry (MOCI). Hence MOCI is the regulating authority for the Auditors as a whole in the Sultanate of Oman. CMA (Capital Market Authority) maintains a panel of Auditors to conduct the audit of CMA regulated entities like Public Listed Companies (S.A.O.G), Insurance companies, Insurance Brokers, Share brokers and other entities required to be registered with CMA. In January 2019, CMA Issued notices to Auditors who are empanelled with them to re-register their firms within a period of Six months. Ibn Hyan Chartered Accountants is in the process of re-registering in the panel of Auditors of CMA and the process will be completed within a period of 30 days. As understood by us, we are restricted from taking up any new appointments of Audit of CMA Regulated entities for a period of three months. We are eligible and free to take up all other audits as well as consultancy assignments of even CMA Regulated entities. We will take up the new audits for the regulated entities only after completing the formalities with CMA. We ensure to serve our clients with the same zest and zeal as it has been our endeavor in the past.