Oman Hosts Accounting Forum to Enhance International Standards and Professional Credibility

The Sultanate of Oman is enhancing its accounting and auditing sector through the "Professional Rules to Enhance Credibility" forum, organized by the Financial Services Authority (FSA). This two-day event brings together professionals from accounting and auditing firms to discuss critical industry trends and foster development.

Ahmed Ali Al Maamari, Executive Vice CEO of the FSA, highlighted the forum's role in continuing the dialogue between the Authority and industry practitioners. He emphasized that the event serves as a vital platform for exchanging experiences, sharing perspectives, and addressing practical challenges faced by professionals. Al Maamari stressed that effective regulation begins with awareness and knowledge dissemination, building professional values, and enabling practitioners to rectify shortcomings proactively.

The forum's agenda is structured around three main pillars designed to elevate the profession. The first pillar focuses on activating a register for trainee accountants. This initiative aims to create a comprehensive database of trainees, enabling the development of tailored training programs and clear career paths to nurture national talent. Technical updates to the electronic registration system were also reviewed.

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The seminar serves as an open space for dialogue, experience exchange, listening to perspectives and feedback, and discussing practical challenges facing practitioners.

The second pillar addresses prominent violations identified during regulatory inspections of accounting and auditing firms. The goal is to enhance professional awareness and ensure compliance with regulatory requirements and international standards. Examples of violations discussed include issuing audit reports without conducting proper audit procedures and non-compliance with international standards.

Overall, the forum seeks to align Oman's accounting and auditing practices with the best international standards and legislative advancements. By fostering a professional environment based on partnership and shared responsibility, the FSA aims to improve audit quality, bolster the reliability of financial reporting, protect public interest, support the national economy, and strengthen the profession's local and international competitiveness.

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rules and regulations define the minimum level of compliance, whereas professional culture creates excellence.