Appeals Committee Upholds Suspension of Moore Stephens

The Appeals Committee  has upheld the Capital Market Authority’s decision to suspend Moore Stephens from auditing the accounts of the companies regulated by CMA for one year for breaching Articles 112 and 113 of the Commercial Companies Law, Article 5 of the Capital Market Law and Article 282 of the Executive Regulation of the Capital Market Law.

CMA has issued the decision earlier this year after ensuring the firm has accepted accounting practices by certain listed companies which are incompatible with the international accounting standards which resulted in adverse impact on certain market participants.

The decision suspends the firm from entering into new contracts with the companies regulated by CMA for one year from the date of the decision, however, the firm is allowed to  continue the work until  the ordinary annual general meetings for contracts concluded prior to the decision.

CMA emphasizes that all audit firms must comply with the applicable laws and regulations to  enhance professionalism, confidence and credibility.