The Financial Services Authority (FSA) of Oman has suspended the Abu Timam Grant Thornton Chartered Accountants for one year.
They were under investigation for violating applicable laws and regulations while providing auditing services to various companies. The firm has accepted that they violated laws amid their services to companies listed in the Muscat Stock Exchange.
Additionally, they were caught not following the rules of International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) which affected the integrity of financial statements reported to the investors. They also illegally provided non audit services to audit clients.
The FSA has also urged all clients affiliated with Abu Tamim to terminate their contracts and hire auditors that are now accredited by the authority.