Oman Financial Services Authority deregisters Reliance Audit firm over unlicensed practice and other legal breaches

The Oman Financial Services Authority, through its Professional Conduct Committee, has issued an administrative decision removing Reliance Audit firm from the register of firms licensed to practise the accounting and auditing profession. The action followed inspections and investigations that found breaches of the law governing the accounting and auditing profession, including the use of unlicensed individuals to carry out regulated work. The findings also included audit reports issued without the firm owner's signature, failure to satisfy a key registration condition requiring practical experience in external auditing, and failure to submit a licence renewal application within the legally prescribed period. The authority linked the deregistration to violations of Articles 1, 5, 19 and 29 of the Law Regulating the Accounting and Auditing Profession under Royal Decree No. 77/86. The Professional Conduct Committee is the body responsible for examining violations by licensed accounting and auditing practitioners and issuing decisions under the law.