MUSCAT : The circular emphasises the importance of adhering to international auditing standards when performing audit engagements and ensuring that the audit reports are signed by the owner of the firms or a partner or a duly authorised manager, as per the provisions of the law regulating the accounting and auditing profession promulgated by Royal Decree No. 77/86.

The circular further stressed that practicing the accounting and auditing profession without obtaining a license from the FSA is a violation of the law and that the audit and review processes must be according to highest standards of quality. The circular also stated that the only reference for selecting licensed accounting and audit firms to perform external audit of financial reports is the official website of the FSA.

The move comes after FSA noticed that some firms have failed to maintain proper audit documentation 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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