Bahrain suspends two audit firms for violating professional ethics

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

The Industry, Commerce and Tourism Ministry has decided to suspend an auditing firm for one year and another for two years. The Auditors Disciplinary Board at the ministry said that these firms violated the rules of the profession by not conferring with international auditing standards in preparing and presenting financial statements, mentioning false information, and not reflecting the true financial position of the company.

The board was convened after several reports were raised by the Companies Control Directorate at the ministry after discovering errors in the final accounts of several companies audited by these firms, inadequate documentation in audited files, as well as other irregularities.

The ministry accordingly stated that it would take necessary legal and administrative actions against any audit firm found to violate applicable laws and provisions to protect citizens, investors and any one concerned with audited financial reports.