(MENAFN - Muscat Daily) Muscat- The Capital Market Authority (CMA) has suspended Moore Stephens from auditing the companies regulated by the CMA for one year 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 decision was taken after detailed examination of the matter and giving the firm reasonable opportunity to be heard, the CMA said in a press release issued on Monday.
The CMA concluded 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 decision suspended Moore Stephens from accepting new engagements with the companies regulated by the CMA for one year from the date of issuance. The firm can continue with the existing engagements until the annual general meetings of these companies, the market regulator said. Moore Stephens has appealed the decision pursuant to Article 61 of the capital market law.