MUSCAT: The Financial Services Authority (FSA), represented by its Professional Conduct Committee, has issued an administrative decision to deregister Reliance Audit firm from the register of firms licensed to practise the accounting and auditing profession in Oman.

According to the FSA, the decision follows inspection and investigation processes that uncovered several violations of the Law Regulating the Accounting and Auditing Profession, promulgated under Royal Decree No. 86/77.

The authority stated that the firm allowed unlicensed individuals to practise the accounting and auditing profession, in violation of Article (1) of the law, which requires practitioners to obtain a licence from the FSA before carrying out professional activities.

Investigations also found that the firm breached Article (19) of the law by issuing audit reports that did not bear the signature of the firm’s owner, a mandatory legal requirement.

In addition, the FSA said the firm failed to satisfy one of the essential conditions for registration in the auditors’ register, namely the required practical experience in external auditing, contrary to Article (5) of the law. The firm was also found to have violated Article (29) by failing to submit its licence renewal application within the legally prescribed timeframe.

The FSA noted that the administrative action forms part of its supervisory efforts to strengthen compliance with the legislation governing the accounting and auditing profession and to promote adherence to recognised professional standards and best practices across the sector.

The authority further stressed the importance of all licensed practitioners complying with applicable laws, regulations and professional standards. It added that the Professional Conduct Committee remains responsible for examining and adjudicating violations committed by licensed accounting and auditing practitioners and issuing decisions in accordance with the provisions of the law.