The Financial Services Authority (FSA), hosted a seminar titled ‘Accounting and Auditing, Reality and Development Opportunities’ at Al Irfan Hall, FSA headquarters. The event brought together representatives of accounting and auditing firms along with experts in the field to discuss regulatory updates, share experiences and explore opportunities for advancing the profession.

Ahmed bin Ali Al Mamari, Executive Vice President of the FSA, highlighted the significance of this stage in the development of the profession in a statement.

"The accounting and auditing sector in Oman has undergone an important institutional shift with the issuance of Royal Decree No. (20/2024), which transferred the mandate for regulating the profession to the Financial Services Authority. The FSA has moved quickly and strategically in response, guided by a clear vision to modernize the legislative and regulatory framework, strengthen oversight, and support sound professional practices," Al Mamari said.

“The FSA has embarked on preparing the regulation governing the practice of the profession, forming a specialized team to review the legislative frameworks of accounting and auditing. The team is tasked with laying down the regulatory and legislative foundations that will govern the profession in the upcoming phase, in a way that enhances efficiency and quality of performance and strengthens confidence in financial reports issued by accounting and auditing firms,” he added.

The event also marked the official launch of the FSA’s new integrated electronic system for licensing and renewing accounting and auditing firms. The system allows applications to be submitted and tracked fully online, providing greater transparency, reducing processing time, and enhancing the efficiency of regulatory services. It also represents a major step forward in the FSA’s digital transformation strategy.

In addition, the seminar featured presentations on key topics, including the requirements for practicing the profession, the role of auditors, the FSA’s regulatory role as well as the work of the Professional Conduct Committee and most notable violations.  The floor was also opened for participants to propose their inquiries and share suggestions, aimed at strengthening the integration of roles between the FSA and professional firms and further developing the supervisory environment in the Sultanate of Oman.