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Auditors Law Bahrain

In the Ministry of Commerce, a Disciplinary Committee of Auditors is established under the chairmanship of a judge of the Supreme Civil Court, elected by the Minister of Justice and Islamic Affairs, composed of two professional auditors appointed by the Minister of Commerce. The Minister of Trade and Agriculture issues a decree on the formation of the above-mentioned committee, the mandate, the duration of the mandate and the modalities for convening its meetings. The Board of Directors shall publish the balance sheet, the profit and loss account and the reversal of the annual declaration of the Directors as well as the full report of the auditors in one of the local Arabic-language dailies at least 15 days before the Annual General Meeting. No one may act as statutory auditor in accordance with the provisions of this Act, whether on his own behalf or with audit firms, unless his name is entered in the register of auditors kept for that purpose at the Ministry of Commerce. The provision of the preceding paragraph excludes persons trained in audit firms in accordance with Article 13 of this Law. The Directorate of Trade and Corporate Affairs of the Ministry of Commerce decides, within fifteen days of the submission of an application, on applications for registration in the register of auditors and on requests for the opening of audit firms. It shall notify the applicant of the decision taken on the basis of a registered letter within fifteen days of the adoption of that decision. If the application is rejected, the applicant shall be informed of the reasons for the adoption of such a decision and the period of sixty days without receipt of the reply from the Directorate for Trade and Enterprise Affairs shall be deemed to be the rejection of that decision. Any person whose application has been rejected may challenge the rejection decision before the Civil High Court within sixty days of the date of notification of the decision rejecting the application deemed rejected. Previous decisions concerning applications for renewal of approvals entered in the register of auditors or authorizations to open audit offices shall be valid. The Directorate of Trade and Corporate Affairs of the Ministry of Commerce may require auditors to submit reports supported by documents on the public limited companies for which they audit their accounts. That authority may formulate such reports as it deems appropriate. With regard to financial and banking companies, this task is coordinated with the Bahrain Monetary Agency.

The Minister of Commerce issues an ordinance that regulates the affairs of future auditors trained in audit firms, the training period and other conditions and procedures relating to training. The internship is included in the calculation of the period of experience in accordance with sections 2 and 6 of this Act. Any person who has obtained a license to open an office, whether an individual or a business, must practice through his office within one year of receipt of the license, otherwise the license will be considered null and void. It shall notify the competent authority of any change of address of the office or any other change in the licence within a maximum period of thirty days. It shall also indicate the name of the Office and the licence number in all documents, certificates, balance sheets and reports it signs, as well as in all other documents relating to the practice. The Office shall carry out the examination on behalf of third parties on the basis of a written contract to be concluded with them, specifying the rights and obligations of both parties, in particular the examination obligations and the scope and nature of the examination procedures, and subject to the contract and the fees, not all of which are contrary to the provisions of this Law. Ministers shall implement this Act, which shall enter into force on the first day of the month following three months following that of its publication in the Official Gazette. Signed: Isa Bin Sulman Al Khalifa, Emir of the State of Bahrain. Exhibited at Rifaa Palace on: 11 Rabie Al Awwal, 1417 Hijra, Accordingly: July 27, 1996 AD. An audited annual statement must be prepared in accordance with International Financial Reporting Standards (IFRS). Disciplinary proceedings are initiated by order of the Minister of Commerce. The Board of Directors shall decide on the disciplinary sanction after informing the auditor fifteen days in advance that he has appeared before the Chamber at the hearing to be held for this purpose.

This notice will be accompanied by a registered letter with a delivery note containing details of the charges against him, the date and place of the hearing. Any person entered in the register of auditors or holding a permit to open an office may not engage in any other profession, except professions related to the practice of auditing, such as consulting and financial and economic studies. In this case, a license will be obtained from the Minister of Commerce for this purpose. Legislative Decree No. (16) for the year 2002 concerning the Court of Auditors (National Court of Auditors). Applications for registration in the register of auditors and applications for authorization to open examination offices must be submitted together with the following documents and information: The auditor may appeal against the arbitral award of the Disciplinary Commission to the Supreme Court of Civil Appeal within 45 days of the award, if it is served in his presence or from the date on which: on which he sends it by registered letter with a delivery note, if the arbitral award is served in his absence. Without prejudice to a more severe penalty provided for in the Penal Code of Legislative Decree No. 15 of 1976, as amended, and in the Commercial Companies Act, which is governed by Legislative Decree No. 28 of 1975, as amended, a custodial sentence of not less than one month and a maximum of one year, or a fine of at least BD 2 000 and not more than BD 10 000 or both penalties are imposed on the following persons: the holder of an audit firm personally signs the audit reports drawn up by his office if he is an individual, but in the case of a company, it is sufficient that these reports are signed by one of the partners.

In addition, the reports may be signed under the professional name of the company, provided that such signature is made by one of the shareholders who is an authorized signatory. The owner of an accounting firm is liable for the payment of compensation for damage suffered by a client or a third party as a result of professional errors committed in the performance of his duties. When several offices are involved, the responsibilities of the owners of the audit firm and its partners are shared. The holder of the Court of Auditors provides insurance cover to bear the consequences of these errors. LEGISLATIVE DECREE NO. (26) OF 1996 WITH REGARD TO STATUTORY AUDITORS In the event of termination of work of a statutory auditor, he shall keep the registers, files and information relating to his clients for a period of at least ten years from the date of the last financial report, unless such registers, reports and details are not related to cases heard before the courts. In this case, they are kept until the resolution of these cases.

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