MUSCAT: A new study published by the Emerald Insight platform confirmed that the Sultanate of Oman has a vision of a country with a stable, fast-growing, and diversified economy, rather than an economy dominated by oil and gas.
The study stated that one of the notable endeavours to achieve this vision was the establishment of the Securities Market Authority, and this was linked to the introduction of new regulations or reform of existing regulations. For example, all public companies and auditors were required to follow international accounting standards in preparing financial reports.
The Sultanate of Oman in 2002 witnessed the enactment of the first and most advanced law for corporate governance rules in the Middle East and North Africa and emerging markets, the study revealed.
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According to the report, Oman has attractive institutional advantages, and significant improvements in regulatory frameworks, which are comparable to those of more developed countries, such as the United States of America and the United Kingdom.
With regard to the accounting audit profession, Oman has witnessed a comprehensive development in the regulatory framework, where auditors can contribute to confidence in the financial market in the Sultanate of Oman, and build a good relationship between companies and stakeholders, while the law includes the application of international auditing standards, penalties and other general rules.
The law prohibits registered auditors from auditing the accounts of listed companies before the approval of the Capital Market Authority, and they are also required to limit their relationship with existing clients to no more than four consecutive years.
Regarding the audit market, the study stated, the Sultanate of Oman can be considered very competitive in this regard, due to the small number of companies operating in this field, and the strict requirements related to the relationship between auditors and their clients.
Audit firms in Oman charge relatively low audit fees to audit their financial statements, averaging $27,500, and it takes, on average, 52 days to complete the annual audit and sign audit reports, the study said.
