Muscat – Financial Services Authority (FSA) through its Professional Conduct Committee, has issued an official decision to suspend Ideal Value Auditing and Financial Consultancy from practising accounting and auditing for a period of six months. This regulatory action follows thorough inspection and review activities that uncovered multiple violations of the Law Regulating the Accounting and Auditing Profession, alongside failures to meet international auditing requirements and standards.

The discovered infractions revealed that the firm owner permitted an individual to work and practice the profession on behalf of the company without completing formal appointment procedures and necessary approvals. Additional breaches included preparing and auditing financial statements without properly documenting client engagement terms, audit work, procedures, results, and materiality levels during planning stages to assess misstatement risks. Furthermore, the firm failed to verify physical inventory existence and condition, neglected related-party transaction procedures, omitted required auditor opinions in specific reports, and failed to include performance comparisons when disclosing audited financial statements.

Authorities stated that these shortcomings compromise the sufficiency and appropriateness of audit evidence, impairing report reliability and eroding user confidence in financial statements. The authority stressed the absolute necessity for all supervised firms to strictly follow applicable laws and standards to protect financial statement users and strengthen confidence across the non-banking financial sector in Oman.