Manama:The Auditors Disciplinary Board at the Ministry of Industry and Commerce has issued rulings against three auditors for professional violations. The Board has decided to suspend one auditor from practicing for one year, impose a fine of BHD 10,000 on a second auditor, and issue a warning to a third auditor.
According to Bahrain News Agency, these actions follow violations of Legislative Decree No. (15) of 2021 concerning External Auditors, as amended by Law No. (7) of 2026. The Ministry's Companies Control Directorate submitted reports that identified deficiencies in audit procedures and financial statements of several companies reviewed by the auditors in question.
The violations noted by the Directorate included non-compliance with International Standards on Auditing and International Financial Reporting Standards, inadequate supporting documentation in audit files, and the inclusion of inaccurate information in audit reports. These issues were found to undermine the reliability of financial statements and erode confidence in audit outcomes.
The Board's decisions were taken after convening based on a directive from the Minister of Industry and Commerce, following the findings from the reports. Additionally, other professional violations and practices that compromised the integrity of the auditing profession were identified.
The Ministry emphasized its dedication to enforcing legal and administrative measures against auditors who violate applicable laws and regulations. It also reaffirmed its commitment to protecting citizens and stakeholders who depend on audited financial statements, while enhancing confidence and transparency in Bahrain's business environment.