MUSCAT – The event brought together representatives of accounting and auditing firms, along with specialists in the field, to discuss the latest legislative and regulatory developments affecting the profession.

The symposium aimed to enhance communication channels with professional firms, review key regulatory updates, and foster the exchange of knowledge and expertise within the sector.
Ahmed bin Ali Al Maamari, Deputy CEO of the FSA, noted that the accounting and auditing sector in the Sultanate of Oman has undergone a significant institutional transformation following the issuance of Royal Decree No. 20/2024, which transferred regulatory responsibility for the profession to the Financial Services Authority.

Al Maamari explained that the FSA responded to this transformation with swift and strategic actions, guided by a clear vision to modernise the legislative and regulatory framework, enhance the professional regulatory environment, and promote sound, reliable practices across the sector.

He added that the Authority has already begun drafting executive regulations governing the profession. A specialised team has been formed to review existing legislative frameworks and lay the groundwork for future regulations that will raise performance standards and strengthen trust in financial reports issued by accounting and auditing firms.

The symposium featured a series of specialised working papers, which covered regulatory requirements for practicing the profession, the electronic regulatory system, the FSA’s oversight role, duties of auditors, and the work of the Professional Dismissal Committee, including common violations observed.
Participants were invited to submit inquiries and suggestions, contributing to greater integration between the Authority and professional firms and supporting the development of Oman’s regulatory landscape.
A key highlight of the event was the launch of the FSA’s integrated electronic system for the registration and renewal of accounting and auditing firms. This system marks a major milestone in the Authority’s digital transformation journey, allowing firms to submit applications electronically, track application status transparently at every stage, and benefit from faster and more efficient regulatory services.
The new platform is expected to enhance transparency, reduce time and administrative burdens, and support digital supervision and performance monitoring of professional firms operating in Oman.