The Oman Financial Services Authority has deregistered Global Financial Solutions from the register of licensed accounting and auditing practitioners after its Professional Conduct Committee identified breaches of the law regulating the accounting and auditing profession. The decision was based on findings that the firm allowed unlicensed individuals to perform audit work under its name, issued audit reports without the office owner's signature, failed to retain audit working papers and files, and breached fundamental professional principles through non-compliance with International Standards on Auditing. The authority linked the case to violations of Articles 1, 19, 22 and 23 of the law. Article 1 prohibits practicing the profession without a license from the Oman Financial Services Authority, Article 19 requires the owner of an accounting and auditing office to personally sign all audit reports, and Article 22 requires auditors to keep working papers and audit files for 10 years. Article 23 provides the basis for the authority to investigate violations, including professional conduct matters, and refer them to the competent committee for disciplinary measures.
Oman Financial Services Authority2026-07-05
Oman Financial Services Authority deregisters Global Financial Solutions for audit breaches including unlicensed work and unsigned reports
The Oman Financial Services Authority has deregistered Global Financial Solutions after finding multiple audit and professional conduct breaches. The violations included use of unlicensed individuals for audit work, missing owner signatures on audit reports, failure to retain audit files and working papers, and non-compliance with International Standards on Auditing. The case involved breaches of Articles 1, 19, 22 and 23 of the law governing the profession.