The Financial Services Authority represented by the Professional Conduct Committee issued warning to Oman  International  Auditing and Consulting   and granted them a four month grace period to adjust their situations under Article  23 of the Accounting and Auditing Profession’s Law for violating the law and failure to comply with the international auditing standards.

The decision was made after the inspection showed that the firm did not conduct audit processes before giving opinion on the financial statements of the customers besides not keeping all audit files in violation of Article 22 of the law, which obligates the auditors to keep such files for ten years after the end of the audited financial year. Keeping the files is an essential part of documentation process, which contributes to reviewing the procedures taken during the audit process to ensure compliance with international auditing standards, which reflects on the quality of the professional performance.

The audit teams of the FSA also detected a number of violations related to due practice of the profession such as compliance with international professional standards during the audit process especially International Auditing Standard No. 700 which obligates the auditors to include the opinion on the financial statements in the final audit reports. Such violations are breach of technical and professional controls in the performance of the audit.

FSA emphasizes that such actions are within the applications of highest standards of professional conduct and for enhancing the compliance with the laws and regulations governing the accounting the auditing profession to render high quality services and maintain the confidence of the consumers of the industry.