FSA forum seeks to strengthen Oman’s accounting and auditing profession

MUSCAT: The Financial Services Authority (FSA) has reaffirmed its commitment to strengthening the credibility, quality and regulatory oversight of Oman’s accounting and auditing profession through a two-day forum held under the theme “Professional Rules to Strengthen Credibility”.
The forum, held on July 26-27, 2026, brought together representatives of accounting and auditing firms, industry practitioners and regulators to discuss key regulatory developments, professional standards and future reforms aimed at enhancing the profession's contribution to the national economy.
Opening the event, Ahmed bin Ali al Maamari, Executive Vice-President of the FSA, said credibility remains the profession's most valuable asset, noting that high-quality auditing plays a vital role in ensuring reliable financial reporting and strengthening confidence in the economy. He said the Authority favours a regulatory approach that prioritises awareness, professional ethics and corrective action before enforcement measures wherever possible, while encouraging practitioners to embrace continuous improvement and strict adherence to international standards.
The forum forms part of the FSA's 2026 regulatory programme to improve compliance with statutory and professional requirements, enhance audit quality and encourage dialogue between regulators and industry stakeholders.
One of the major initiatives highlighted during the event was the activation of the Register of Trainee Accountants, designed to create a comprehensive database of trainee professionals, facilitate targeted training programmes and establish clear career pathways for developing Omani talent. Participants were also briefed on updates to the electronic registration system and the objectives of the new registry.
The Authority also presented findings from recent supervisory inspections of accounting and auditing firms, highlighting recurring violations requiring industry attention. These included issuing audit reports without conducting adequate audit procedures, failure to comply with International Standards on Auditing, allowing unlicensed individuals to practise the profession; and providing both audit and financial statement preparation services to the same clients, compromising auditor independence.
The forum also reviewed recent legislative and regulatory developments. The FSA has completed a draft of the executive regulations governing the profession and submitted it for approval. During 2026, it also issued new circulars covering the retention of audit files within Oman and the completion of registration and licensing procedures for practitioners.
Since assuming responsibility for regulating the profession from the Ministry of Commerce, Industry and Investment Promotion under Royal Decree No 20/2024, the FSA has intensified engagement with licensed firms through regular consultations and has expanded cooperation with international regulators, including Abu Dhabi Global Market (ADGM) and the Dubai Financial Services Authority (DFSA), to adopt global best practices.
The Authority also highlighted progress in digital transformation, including the launch of its electronic licensing and registration platform in September 2025, which has streamlined licensing, automated committee procedures and improved service delivery.
Other key initiatives include the phased implementation of IFRS S1 and IFRS S2 sustainability disclosure standards, mandatory adoption of IFRS or IFRS for SMEs by supervised entities and an ongoing technical cooperation project with the Institute of Chartered Accountants in England and Wales (ICAEW) to modernise the profession's regulatory framework.
The forum also reviewed implementation of the International Standard on Quality Management (ISQM 1), focusing on quality management systems within audit firms. Looking ahead, the FSA announced plans to launch a national competency development initiative for accounting and auditing professionals next year, aimed at building specialist skills, enhancing professional standards and supporting the long-term development of the sector.