​The Auditors Disciplinary Board, which held its sessions at the Ministry of Industry and Commerce, decided to suspend an auditing firm for a period of one year and another for a period of two years. Both firms were deemed to have violated the rules of the profession for failing to apply international auditing standards in preparing and presenting financial statements, mentioning false information, and for not reflecting the true financial position of the company.

The Audit Disciplinary Board was convened after several reports were raised by the Companies Control Directorate at The Ministry of Industry and Commerce, having discovered errors in the final accounts of several companies audited by these firms, violation of international audit standards in preparing and presenting financial statements, inadequate documentation in audit files, as well as other irregularities.

The Ministry of Industry and Commerce accordingly stated that it would take necessary legal and administrative actions against any audit firm found to be in violation of applicable laws and provisions to protect citizens, investors and any who are concerned with audited financial reports.