The Oman Capital Market Authority (CMA) suspended KPMG from auditing entities regulated by the CMA for one year last week, after it found some major financial and accounting irregularities in its inspections of a number of listed companies.

The CMA said these reviews found examples of professional negligence on the part of some audit firms, though no other firms have been named at this time, and no other suspensions have been announced.

The regulator said it is also strengthening its regulations to bring them in line with what it learnt from these reviews, in order to avoid their recurrence. 

The ban will not affect the engagements where the firm has already been appointed. In these cases, KPMG will be allowed to continue in the capacity of auditor and continue its contractual obligations.

In a statement, the CMA said: “CMA also wishes to sincerely acknowledge the positive contribution of the audit profession as a whole in Oman that ensures integrity of financial reporting being a critical pillar of investor protection and Corporate Governance.

“CMA also takes on record the fact that most of the accredited audit firms have shown their adherence to International Standards on Auditing (ISA) while also ensuring that the financial reporting is strictly in compliance with the requirements of International Financial Reporting Standards(IFRS) that are mandatory in the Sultanate.”

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KPMG has the right to appeal against the decision before an independent appellate authority