MUSCAT – The Financial Services Authority (FSA), represented by its Professional Conduct Committee, has issued Decision No. 2/2026 to deregister Global Financial Solutions following an investigation into a series of breaches of the Law Regulating the Accounting and Auditing Profession.

According to the FSA, the firm committed several professional violations, including permitting unlicensed individuals to carry out audit work under its name, failing to ensure the office owner’s signature appeared on audit reports, not retaining audit working papers and files as required by law, and failing to comply with the fundamental principles of the profession through breaches of International Standards on Auditing (ISAs).

The authority said the violations contravened Articles 1, 19, 22 and 23 of the law governing the accounting and auditing profession.

Article 1 prohibits the practice of accounting and auditing without a licence issued by the FSA, while Article 19 requires the owner of an accounting and auditing office to personally sign all audit reports issued by the office.

Article 22 requires auditors to retain working papers and audit files for a period of 10 years, while Article 23 authorises the FSA to investigate professional misconduct and refer violations to the competent committee for disciplinary action.

The FSA said the decision underscores its commitment to strengthening oversight of the accounting and auditing profession and ensuring compliance with the legislation, professional ethics and standards governing the sector.

It added that adherence to approved regulations and international best practices remains vital to enhancing transparency, accountability and confidence in Oman’s financial sector.