The Oman Financial Services Authority issued a decision to deregister Maganlal Thacker & Co. from the register of accounting and auditing firms for violations of the Law Regulating the Accounting and Auditing Profession and the International Standards on Auditing. The authority upheld the deregistration after reviewing an appeal submitted by the firm. The decision cited non-compliance with Article (9) on conditions for registering foreign accounting and auditing firms, including the requirement for an Omani partner to actively participate in audit work and for the foreign firm’s expertise to provide added professional value. It also found a breach of Article (19) after the firm allowed the audit engagement partner to sign audit reports on behalf of the firm rather than with a personal signature, undermining identification of the responsible partner and professional accountability. Field inspections further identified multiple ISA breaches affecting audit quality, including insufficient and appropriate audit evidence, failure to determine materiality, missing procedures to verify the physical existence of material inventory balances, and failure to perform required related-party procedures.
Oman Financial Services Authority 2026-04-05
Oman Financial Services Authority deregisters Maganlal Thacker & Co. for breaches of auditing law and International Standards on Auditing
The Oman Financial Services Authority has deregistered Maganlal Thacker & Co. from the register of accounting and auditing firms for violations of the Law Regulating the Accounting and Auditing Profession and International Standards on Auditing, a decision it upheld after reviewing the firm’s appeal. The authority cited non-compliance with registration conditions for foreign firms and multiple audit quality deficiencies, including improper signing of audit reports, inadequate evidence, failure to determine materiality, and missing procedures on inventory and related parties.