The Board of Auditors Disciplinary, which held its sessions at the Ministry of Industry and Commerce, decided to fine an auditor an amount of 20,000 Bahraini Dinars. The Auditor was 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 companies.
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 violations 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 will take necessary legal and administrative actions against any auditor found to be in violation of applicable laws and provisions to protect citizens, investors and any who are concerned with audited financial reports.
