Muscat – Financial Services Authority (FSA), through its Professional Conduct Committee, has formally deregistered Reliance Audit firm from its official register of licensed accounting and auditing practitioners.

This administrative decision follows thorough inspections and investigations that uncovered several significant breaches of the Law Regulating the Accounting and Auditing Profession. The firm was found to have permitted unlicensed individuals to perform professional duties and failed to ensure the owner’s signature on issued audit reports.

Furthermore, the firm did not meet essential practical experience requirements for registration and neglected to submit its licence renewal application within the mandatory timeframe.

All licensed practitioners are reminded of their obligation to adhere strictly to established regulations and best practices to maintain the integrity of the profession.