Bahrain: Auditors Disciplinary Board Fines Auditor
The Board of Auditors Disciplinary announced at its recent meeting at the Ministry of Industry and Commerce that an auditor had been fined BHD 20,000.
The auditor had violated the rules of the profession for failing to apply international auditing standards in preparing and presenting financial statements, mentioning false information, and not reflecting the true financial position of the companies.
The board was convened after several reports were raised by the Companies Control Directorate at the ministry, which discovered violations of international audit standards in preparing and presenting financial statements, inadequate documentation in audit files, and other irregularities.
The ministry 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.
