HE the Executive President of the Financial Services Authority has issued a circular to owners of accounting and audit firms emphasizing the   importance of   adhering to international auditing standards  when performing audit engagements and to ensure that the audit reports are signed by the owner of the firms or a partner or a duly authorized manager as per the provisions of the law regulating the accounting and auditing profession promulgated by Royal Decree No. 77/86.

The circular stressed that practicing the accounting and auditing profession without obtaining a license from the FSA  is  a violation of the law and that the audit and review processes must be according to highest standards of quality. The circular stated that the only reference  for selecting licensed accounting and audit firms to perform external audit of financial reports is the official website of the FSA.

The move comes after FSA has noticed that some firms are not keeping audit workings evidencing performing audit to safeguard the profession and enhance the  transparency and creditability of the financial and accounting sector  in the Sultanate of Oman.