CMA Reconstitutes the Auditors Consultative Committee

The Capital Market Authority has issued a decision to reconstitute the Auditors Consultative Committee, which comprises representatives of the audit firms accredited by the CMA. The committee is a consultative entity to solve the issues related to regulation and development of accounting, audit and governance for the public benefit and to protect the industry, investors and stakeholders.

The Committee is chaired by Mohammed Said Al Abri, Vice President, Capital Market Sector and comprises members representing the CMA and representatives of audit firms selected according to specific standards from among the accredited audit firms auditing the accounts of the entities regulated by the CMA and the firms without any regulatory penalty imposed on them during the past two years.

The committee discusses and recommends on matters related to interpretation and implementation of international accounting standards and international financial reporting standards or the standards of the  International Financial Reporting Interpretation Committee (IFRIC ) and recommends to the CMA on any changes in the current or proposed regulations the members see will assist the CMA in achieving its objects and further enhancing transparency and governance of the regulated entities as well discussion and recommendation on technical matters raised by listed entities on the interpretation  of IFRS or international  auditing standards or the CMA’s regulations.

The committee also discuss and recommend on any proposed changes in the regulations referred by the Executive President.

It is worth to note that the auditors sector in the Sultanate of Oman witnesses great developments and advances for its importance in the regulation and development  of the performance of the companies operating in the capital market and insurance sector and contributes to enhancing the confidence of the public in the performance of the stock exchange which enable it to attract local and foreign capital which reflects positively on the national economy.