Muscat – Financial Services Authority (FSA), represented by its Professional Conduct Committee, has issued a decision to suspend the United Mawa Projects firm from practising accounting and auditing for six months.

This disciplinary action follows inspection and review findings that uncovered clear violations of the Law Regulating the Accounting and Auditing Profession. The infractions included offering the professional licence for rent through an electronic platform, omitting the firm owner’s signature on the majority of audit reports, and failing to comply with established professional standards.

The authority explained that renting out the licence allows unlicensed entities to unlawfully exploit the legal professional status and perform regulated activities without meeting proper legal requirements. Such practices violate statutory provisions, undermine the legal framework governing the profession, and weaken safeguards designed to protect public interest.

The FSA reiterated that licences are granted based on personal competence and responsibility, meaning they cannot be transferred or exploited by third parties, and stressed that all supervised entities must strictly adhere to regulations to maintain confidence in the Sultanate of Oman’s financial sector.