In a forward-looking approach towards enhancing digital transformation and upgrading the regulatory infrastructure of the financial sector, the Financial Services Authority (FSA) announced the launch of a new electronic system for applications for licensing and renewal of the licenses to practice the accounting and auditing profession as part of its unremitting efforts to automate its services and improve the quality of institutional performance.

The move  comes within the framework of implementing the new  jurisdiction  of the FSA  after the issuance of Royal Decree No. 20/2024 establishing the Financial Services Authority and issuing  its charter, which transferred the jurisdiction for regulating and licensing the accounting and auditing profession from the Ministry of Commerce, Industry and Investment Promotion to the FSA  making it the  competent authority to regulate this vital sector in accordance with best  international practices.

The new system allows users to submit online applications with the ability to upload the required documents and follow up the status of the application at its various stages in swift and transparent manner. It aims to raise the efficiency of services, facilitate access and reduce time and effort in addition to enhancing digital supervision and tracking the performance of accounting and auditing firms.

The FSA confirmed that the system is a step forward in the level of regulatory services rendered and reflects the FSA’s commitment to providing a high-quality professional environment in accordance with international standards by facilitating licensing and licenses renewal procedures and enabling applicants to obtain the service online in a way that enhances the confidence of investors and the financial community in the profession.

It is worth noting that the regulation of the profession in the Sultanate of Oman is based on the Accounting and Auditing Profession Law issued pursuant to Royal Decree No. 77/86. The FSA is currently preparing the regulations for the profession, which is available as a draft for consultation with the industry and the public within the approach adopted by FSA in applying community participation in the formulation of regulatory schemes. The FSA endeavors to establish a comprehensive regulatory framework for the profession that keeps pace with the developments in the profession and ensuring that practitioners comply with international accounting and auditing standards and ethical principles.