The Executive President of the Financial Services Authority (FSA) in Oman has issued a circular to accounting and audit firms, emphasizing the importance of adhering to international auditing standards. The circular mandates that audit reports must be signed by the owner, a partner, or a duly authorized manager, as per the law regulating the accounting and auditing profession. It also stresses that practicing the profession without a license from the FSA is a violation of the law. The FSA has noticed that some firms are not maintaining audit workings, which is essential for safeguarding the profession and enhancing transparency and credibility in Oman’s financial and accounting sector.

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Source: Oman Observer

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