MUSCAT: The Financial Services Authority (FSA), through its Professional Conduct Committee, issued a warning to ‘Account for Accounting and Auditing Services’ after identifying shortcomings in several audit procedures. The violations related to the sufficiency of audit evidence and the documentation of the nature and extent of procedures carried out during audit engagements, in breach of the principles governing the accounting and auditing profession and the requirements of applicable International Standards on Auditing.
The Committee also required the office’s two owners to implement, within three months, a number of regulatory measures aimed at strengthening professional competence and improving the quality of the office’s work. The measures seek to ensure compliance with applicable legislation and international standards and enhance professional practice in accounting and auditing activities