The Oman Financial Services Authority, through its Professional Conduct Committee, has issued warning decisions against Wayt United and Gulf Center Consultancy and Audit for breaching the law governing the accounting and auditing profession. The findings center on failures to meet requirements for the audit firm owner to personally sign audit reports, retain working papers and audit files for 10 years, and comply with applicable professional standards, including the International Standards on Auditing. Both firms have been given three months to remedy the violations and comply with supervisory directives. The authority said failure to correct the breaches within that period will trigger one of the penalties available under the Law Regulating the Accounting and Auditing Profession.
Oman Financial Services Authority2026-07-23
Oman Financial Services Authority warns two audit firms over audit report signing and audit file retention breaches
The Oman Financial Services Authority warned Wayt United and Gulf Center Consultancy and Audit after finding breaches of audit report signing, record-retention and professional standards requirements. Both firms have three months to remedy the violations, after which statutory penalties may be imposed.