MUSCAT : The license has been revoked for breaching Article 19 of the Law Regulating the Accounting and Auditing Profession, which provides that the auditor who owns the firm must sign the audit report issued by the firm.

The decision of the competent committee comes to ensure compliance of audit firms with highest quality in carrying out the profession as per the international standards for the importance of the audit results in revealing the financial position of the companies, which are the engine of the national economy.

FSA emphasises that audit reports of financial institution must be documented and professionally prepared by the owner of the firm to add credibility and to ensure the firm’s compliance with sound audit processes consistent with the law of the profession and the international standard to reflect a reliable opinion on the financial statements.

The decision was made within the endeavours of the FSA to review the works of the licensed accounting and auditing firms and to assess their compliance with the laws and regulations further to compliance with professional and ethical standards in practicing the accounting and auditing profession and to maintain the quality and reliability of the financial reports issued by the licensed firms.

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