Latest news with #Decree-LawNo.(15
Gulf Insider
20-04-2025
- Business
- Gulf Insider
Bahrain: Audit Office Fined BD7,000 for Committing Professional Violations
The Disciplinary Council for Auditors, during its session held at the Ministry of Industry and Commerce, has decided to fine an audit office BD7,000 for violating the provisions of Decree-Law No. (15) of 2021 concerning external auditors. The decision was based on reports submitted by the Ministry's Company Supervision Department, which revealed that the office had committed a number of professional violations. These included a breach of professional standards and responsibilities, the inclusion of false and misleading information in its reports, and actions that undermined trust in the financial positions of several companies. Errors The reports also highlighted errors in final accounts, insufficient supporting documentation in audit files, as well as violations of international auditing standards and international standards for the preparation and presentation of financial statements, along with other offenses that harm the dignity of the profession. In this context, the Ministry of Industry and Commerce affirmed that it will take all necessary legal and administrative actions against any audit office proven to have committed legal or professional violations, stressing its strong commitment to protecting the rights of stakeholders and all parties relying on audited financial reports.
Daily Tribune
20-04-2025
- Business
- Daily Tribune
Audit office fined BD7,000 for committing professional violations
The Disciplinary Council for Auditors, during its session held at the Ministry of Industry and Commerce, has decided to fine an audit office BD7,000 for violating the provisions of Decree-Law No. (15) of 2021 concerning external auditors. The decision was based on reports submitted by the Ministry's Company Supervision Department, which revealed that the office had committed a number of professional violations. These included a breach of professional standards and responsibilities, the inclusion of false and misleading information in its reports, and actions that undermined trust in the financial positions of several companies. Errors The reports also highlighted errors in final accounts, insufficient supporting documentation in audit files, as well as violations of international auditing standards and international standards for the preparation and presentation of financial statements, along with other offenses that harm the dignity of the profession. In this context, the Ministry of Industry and Commerce affirmed that it will take all necessary legal and administrative actions against any audit office proven to have committed legal or professional violations, stressing its strong commitment to protecting the rights of stakeholders and all parties relying on audited financial reports.
Daily Tribune
27-03-2025
- Business
- Daily Tribune
Shura Council to vote on state budget today
The Shura Council is due to hold a special sitting today to vote on Bahrain's state budget for the years 2025 to 2026. The proposed budget sets spending at BD8.9 billion against an expected income of BD6.4 billion, leaving a BD2.5 billion shortfall driven in large part by debt servicing costs. Interest payments are projected to consume nearly a quarter of the government's total outgoings over the two-year period, according to figures set out in the draft law. The decision to hold the vote today is notable, as the Council's regular sittings are held on Sundays. The budget was passed by Parliament on Tuesday following a five-hour debate and now moves to the upper chamber for final review. Referral to legislature for approval follows multiple rounds of discussions between government and lawmakers between October and March. Shura's Financial and Economic Affairs Committee met yesterday to examine the contents of the draft. The review covered expenditure on day-to-day operations and development projects, projected revenue, and comparisons with previous budget cycles. The committee also looked at government support schemes and considered remarks raised during joint sessions with the lower house and representatives from the executive. Draft bill The Legislative and Legal Affairs Committee, had earlier studied the draft bill and confirmed it posed no constitutional or legal concerns. It was then handed over to the finance committee for further examination. A separate proposal, submitted alongside the budget, would amend Decree-Law No. (15) of 1977 on the issuance of development bonds. The change would raise the ceiling on public borrowing from BD18 billion to BD22.5 billion. Increased limit According to the Ministry of Finance and National Economy, the increased limit is necessary to allow the state to raise funds to meet budget requirements, cover existing obligations, and fund programmes already approved in law. The ministry stated that delays in passing the measure could hinder the country's ability to meet its financial needs over the coming period. Borrowing is expected to take place through financial institutions as well as regional and Islamic funds.
Daily Tribune
31-01-2025
- Politics
- Daily Tribune
Shura seeks harsher penalties for phone thieves
The Shura Council will discuss the matter of imposing harsher penalties for thieves who steal smartphones, laptops, or tablets, following a previous delay in addressing the issue. The Foreign Affairs, Defence, and National Security Committee of the Shura Council had earlier backed amendments that could lead to prison sentences of up to two years for those who commit these crimes involving personal data. The committee has supported changes to the Penal Code that would treat the theft of mobile devices containing personal or financial information more seriously. The proposed law, linked to Decree No. (7) of 2024, seeks to amend the Penal Code first established under Decree-Law No. (15) of 1976. Under the proposed regulations, stealing a phone, tablet, or laptop would be classified as aggravated theft, carrying a minimum sentence of three months in prison. Minimum sentence If the thief intends to access sensitive data, such as banking records or private photos, the minimum sentence would increase to one year. Additionally, the law would encompass individuals who keep lost or wrongly delivered electronic devices. Depending on the severity of the crime and whether personal data is misused, offenders could face up to two years in prison, a fine of BD500, or both. The Ministry of Justice, Islamic Affairs, and Waqf, and the Ministry of Interior have all expressed their support for the proposed amendments.
