The Financial Services Authority’s Professional Decisions Committee constituted by Resolution of the Board of Directors, issued decisions to de-register the following firms.

 

-         Al Hamadani Accounts Auditing and Consultants.

-         Al Hamadani Golden Accounts Auditing and Consultants.

-         Al Bayan Auditing and Reviewing.

 

The FSA also issued warnings to Adhwaa Al Batinah Accounts Auditing and obligated the frim with a number of directives to adjust its situation.

 

The decisions were issued because the firms violated the provisions of the applicable legislations in the accounting and audit profession as it was established the firms failed to carry out actual audit as well as failing to maintain evidence and working papers of the audit process and failure on the part of the licensee to sign audit reports issued by the firm and non-compliance with international auditing standards. The move came after comprehensive and accurate review by regulatory teams of the works of the firms.

 

The measures taken by FSA were within its role to ensure the stability of the regulated sectors under its charter issued by Royal Decree No. 20/2024 and after assessing the performance of accounting and audit firms continuously for the importance of their role in the service of the national economy.

 

FSA advises all accounting and auditing firms to comply with the provisions of the legislations and international accounting and auditing standards to maintain high level of integrity in the practice of the profession