Muscat: The Executive President of the Financial Services Authority, has issued a circular to owners of accounting and audit firm,s emphasizing the importance of
adhering to international auditing standards when performing audit engagements and to ensure that the audit reports are signed by the owner of the
firms or a partner or a duly authorized manager as per the provisions of the law regulating the accounting and auditing profession promulgated by Royal Decree
No. 77/86.
The circular stressed that practicing the accounting and auditing profession without obtaining a license from the FSA violates the law and that the audit and review processes must be according to the highest standards.
The circular stated that the only reference for selecting licensed accounting and audit firms to perform external audits of financial reports is the official website of the
FSA.
The move comes after FSA has noticed that some firms are not keeping audit workings evidencing performing audit to safeguard the profession and enhance
the transparency and creditability of the financial and accounting sector in the Sultanate of Oman.
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