The Capital Markets Authority of the Sultanate of Oman has suspended KPMG from auditing listed companies due to “major financial and accounting irregularities”.
According to The Economia, the CMA launched an inspection of some listed entities and when it discovered the irregularities, it decided to take action to protect investors and stakeholders.
The decision was arrived after it “…established professional negligence on the part of some audit firms that warranted disciplinary measures against them in the interests of the investors and other stakeholders”, the CMA said.
KMPG will continue the audits and other engagements for existing clients, and is able to appeal the decision before an independent appellate authority.
A KPMG Lower Gulf spokesperson said the firm “notes the announcement made by the CMA and will work closely with (it) to better understand and resolve this matter. For reasons of our client confidentiality obligations, we are unable to comment further at this time.”