KPMG Suspended in Oman as Woes Spread from U.K. to South Africa

KPMG has been suspended from taking on new audit work in Oman, adding to the list of countries where the accounting firm is facing scrutiny.

Oman’s Capital Market Authority found “major financial and accounting irregularities” at some listed companies in the country and that “professional negligence” by some audit firms “warranted disciplinary measures against them.” The CMA, as the regulator is known, didn’t name the companies whose accounts it reviewed.

KPMG said it’s “cooperating with the CMA during the review of certain audits dated prior to 2015” and will continue to provide audit services to existing clients in Oman.

The ...