The Capital Market Authority has suspended Moore Stephens from auditing the companies regulated by 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. 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 the firm from accepting new engagements with the companies regulated by 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.
Moore Stephens has appealed the decision pursuant to Article 61 of the Capital Market Law.
CMA emphasizes the importance of all audit firms complying with the laws, regulations and the professional /international leading practices.