Audit office fined BD7,000 for committing professional violations

The Disciplinary Council for Auditors, during its session held at the Ministry of Industry and Commerce, has decided to fine an audit office BD7,000 for violating the provisions of Decree-Law No. (15) of 2021 concerning external auditors. 

The decision was based on reports submitted by the Ministry’s Company Supervision Department, which revealed that the office had committed a number of professional violations. These included a breach of professional standards and responsibilities, the inclusion of false and misleading information in its reports, and actions that undermined trust in the financial positions of several companies. 

Errors 

The reports also highlighted errors in final accounts, insufficient supporting documentation in audit files, as well as violations of international auditing standards and international standards for the preparation and presentation of financial statements, along with other offenses that harm the dignity of the profession. 

In this context, the Ministry of Industry and Commerce affirmed that it will take all necessary legal and administrative actions against any audit office proven to have committed legal or professional violations, stressing its strong commitment to protecting the rights of stakeholders and all parties relying on audited financial reports.