MUSCAT: Sheikh Abdullah bin Salim al Salmi, CEO of the Capital Market Authority (CMA) issued a decision cancelling the license of UTC International Chartered Accountants LLC as statutory auditor for the companies under the supervision of CMA. The CMA attaches great care to auditor profession as investors and other participants at the market rely in their investment decision making on the audited financial statements issued by the external auditors. It is thus very important that auditing is done by professional qualified agencies as per the accepted international standards. In a bid to protect investors and participants at the capital market, CMA always imposes penalties on the offices that violate the regulations. — ONA
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