MUSCAT : The warnings were issued by the FSA’s Professional Conduct Committee after the firms were found to have breached Articles 19, 22 and 23 of the law, which outlines requirements for audit practices and professional compliance.

The authority said the law requires owners of audit firms to personally sign audit reports issued by their firms, retain working papers and audit files for 10 years, and comply with applicable professional standards, including the International Standards on Auditing (ISA).

The two firms have been granted a period of three months to rectify the violations and comply with supervisory directives. The FSA warned that failure to address the issues within the specified period could result in penalties prescribed under the accounting and auditing law.

The FSA said the measures are part of its continued efforts to strengthen compliance with regulations governing the accounting and auditing sector, improve audit quality and reinforce confidence in financial reporting and Oman’s non-banking financial sector.

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