5 July 2026 – Muscat, Oman: In line with its efforts to regulate the accounting and auditing profession, the Financial Services Authority (FSA), represented by the Professional Conduct Committee responsible for examining and adjudicating violations attributed by licensed accounting and auditing practitioners, has issued Decision No. 2/2026 to deregister “Global Financial Solutions” from the register of licensed practitioners. The decision followed the identification of several violations of Articles (1), (19), (22) and (23) of the Law Regulating Accounting and Auditing Profession.

The FSA stated that the decision to deregister the office was issued after it was found to have committed a number of professional violations, including allowing unlicensed individuals to perform audit work under the office's name, the absence of the office owner's signature on audit reports, failure to retain all audit working papers and files, and failure to comply with the fundamental principles of the profession through breaches of International Standards on Auditing (ISAs).

The FSA clarified that Article (1) of the law prohibits the practice of the accounting and auditing profession without obtaining a license from 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 ten years. Meanwhile, Article (23) enables the FSA to investigate violations, including those relating to professional conduct, and refer them to the competent committee for consideration and the determination of the appropriate disciplinary measures.

The FSA affirmed that the decision reflects its continued commitment to strengthening compliance with the legislation governing the profession and ensuring adherence to the highest professional standards and best practices. It also stressed the significance of all entities under its supervision complying with the applicable laws, regulations and approved standards, thereby reinforcing confidence in Oman’s financial sector.