CMA slaps one-year ban on Moore Stephens

The Capital Market Authority (CMA) has banned Moore Stephens, a leading international accounting and business advisory services firm, from providing audit services to companies regulated by the Authority for a period of one year, citing its failure to meet international accounting standards. The unprecedented action came in an announcement posted on the Authority’s website yesterday. It held Moore Stephens in breach of Articles 112 and  113 of the Commercial Companies Law, Article 5 of the Capital Market Law and 282 of the Executive Regulations of the Capital Market Law.