Muscat — The Financial Services Authority (FSA) has announced the suspension of Omania International for Auditing Accounts and Consultancy (SPC) from practicing the profession of accounting and auditing for a period of six months, after determining that the firm had repeatedly breached the Law Regulating the Accounting and Auditing Profession.

The decision follows earlier regulatory measures taken by the FSA, which had warned the firm to rectify violations affecting the quality of its audit processes. The violations included engaging in real estate brokerage activities, failing to maintain complete audit files, and non-compliance with international auditing standards — contravening Articles (15), (22), and (23) of Royal Decree No. 77/86.

According to the FSA, the Professional Conduct Committee had previously granted the firm a four-month grace period to comply with corrective requirements, such as appointing a qualified chartered accountant and submitting a comprehensive audit procedures policy. However, the firm’s submissions did not satisfy the required standards.

Under the latest decision, the firm is obligated to undertake several remedial measures during the suspension period, including appointing a full-time qualified accountant, adopting a clear audit procedures policy, and refraining from taking on new clients or contracts. The firm must also submit a detailed statement of existing audit contracts while completing ongoing work.

The FSA added that compliance with these requirements before the end of the suspension period could lead to cancellation of the remaining suspension term. However, failure to comply could result in further penalties, including extended suspension or deregistration, as stipulated in Article (26) of the law.

The Authority reaffirmed its commitment to enhancing the quality and integrity of Oman’s accounting and auditing profession, emphasizing that such measures are vital to maintaining transparency, confidence, and credibility in the Sultanate’s financial sector.