Are the qatari banking law under QFCRA stringent to ensure independence of statutory auditors?
By Abu Mujahid •
What are the legal provisions under QFCRA which can take recourse when a Executive Financial Officer of an islamic investment bank under its wing seeks to distort and misrepresent financial accounts to enable him & his cronies to get fat bonuses without actual tangible profits and coerces the statutory auditor to cooperate with him with threats of removing them from the audits of other islamic banks and taking legal action for qualifying the accounts? Can the statutory auditor ensure that he can still maintain independence in this volatile tiff with the management?
You question has many folds..
Independence of statutory auditors under Qatar Law.
Please refer your question to a legal advisor and not in an open forum like QL.
visit the website of QFCRA or QFCA below for more information
www.qfcra.com
www.qfc.com.qa/
The auditor must maintain independence. The auditor cannot say that virtue was not covenient at the moment. This shall not suffice in any court.