MUSCAT: Qais bin Mohammad al Yousef, Minister of Commerce, Industry and Investment Promotion (MoCIIP), issued Ministerial Decision (11/2021) to form a committee to oversee the processing or registering accountants and auditors in the Sultanate.
The committee will included the Vice President of the Capital Market Sector in the Capital Market Authority as Chairman, with the membership of the Director General of the Directorate General of Trade in the Ministry of Commerce, Industry and Investment Promotion, a representative of the Ministry of Finance, a representative of the Tax Authority, a representative of the Central Bank of Oman, a representative of the Omani Accountants Association, and an expert member.
The panel will study applications for obtaining licenses to practice the profession of accounting and auditing. This is subject to applicants being enrolled in the register for accountants and auditors for a period of at least three years. In addition, the committee will set up accounting standards that must be applied when preparing financial statements, budgets, and the final financial results.
The terms and conditions for registering in the register of accountants and auditors in the Sultanate include: the applicant must be an Omani nationality, dedicated to practicing the profession, holder of a university academic qualification specialising in accounting, or holder of a certificate of an internationally recognized chartered accountant or its equivalent, fully qualified, of good reputation, and has not been convicted of a judicial or disciplinary judgment in a crime against honour or trust, unless has been rehabilitated.
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