The Financial Services Authority (FSA), represented by its Professional Conduct Committee, has issued two decisions warning Wayt United and Gulf Center Consultancy and Audit after finding that both firms had breached Articles (19), (22) and (23) of the Law Regulating the Accounting and Auditing Profession.

The FSA noted that the Law Regulating the Accounting and Auditing Profession requires the owner of an audit firm to personally sign the audit reports issued by the firm, retain working papers and audit files for a period of ten years, and comply with the applicable professional standards, including the International Standards on Auditing (ISAs). The two firms were found to have failed to comply with these requirements.

It has granted both firms a period of three months to rectify the violations and comply with several supervisory directives. It stressed that failure to comply within the specified period will result in one of the penalties prescribed under the Law Regulating the Accounting and Auditing Profession.

The FSA affirmed that these measures form part of its ongoing efforts to strengthen compliance with the legislation governing the accounting and auditing profession and to ensure adherence to best professional practices, thereby enhancing the quality of audit work and reinforcing confidence in financial reporting and the non-banking financial sector.