The Executive President of the Capital Market Authority HE Abdullah Salim Al Salmi, by his executive decision, cancelled the audit license granted to the audit firm UTC International earlier knows as Osama Tibara & Co.  for violation of regulatory requirements in accordance with the Auditor’s Accreditation Rules.

CMA attaches high importance to effectiveness of the audit function as the investors and other stakeholders rely upon the financial statements audited by these firms for taking their investment decisions. It is imperative that such audits are conducted in accordance of leading practices and international standards by professionally qualified personnel. CMA always strives to ensure this and disciplines the erring firms, whenever required, in discharging its role to protect investors and other stakeholders. The auditor whose audit license has been cancelled has 30 days to appeal on this decision.”