FSA suspends licence of Oman International Auditing

Muscat: The Financial Services Authority (FSA) has announced a six-month suspension of Oman International for Auditing and Consulting (LLC) from practicing the profession of accounting and auditing. The decision follows repeated violations of the Law Regulating the Accounting and Auditing Profession.

According to the FSA, the firm had been previously warned to correct its practices after violations were detected that affected the quality of audit processes. These included engaging in real estate brokerage activities, failing to maintain audit files, and not complying with international auditing standards, in breach of Articles (15), (22), and (23) of Royal Decree No. (77/86).

The firm was granted a four-month grace period to meet requirements such as appointing a chartered accountant and submitting a clear audit procedures policy. However, the submissions were found to be insufficient.

Under the suspension, the company must implement remedial measures, including appointing a full-time chartered accountant, adopting a clear audit policy, refraining from signing new contracts, and submitting details of existing audit contracts. Compliance before the end of the suspension could lead to lifting the ban. Non-compliance, however, may result in stricter penalties, including suspension of up to two years or deregistration.

The FSA stressed that the decision reflects its commitment to raising the quality of the accounting and auditing profession in Oman, ensuring compliance with regulations, and enhancing confidence and credibility in the financial sector.