The Oman Financial Services Authority (FSA) has identified cases in which licensed accounting and auditing firms assigned audit and account examination duties to individuals who were not registered employees. The regulator warned that this practice breaches the rules, principles and professional standards governing the profession, and stressed that firm owners are directly responsible for all work performed under their firms’ names and authority. Firms must review their employee records and work assignment arrangements, correct any noncompliant practices and maintain effective professional supervision over all work issued in their names. The FSA will continue monitoring compliance and will address proven violations under applicable legal procedures, without limiting any additional liabilities that may arise.
Oman Financial Services Authority warns audit firms against assigning professional work to unregistered individuals
The Oman Financial Services Authority has warned accounting and auditing firms not to assign professional work to individuals who are not registered employees. Firms must correct noncompliant arrangements and ensure effective supervision, while proven violations may trigger legal action and other liabilities.