Accounting, Auditing Profession Forum reviews best international standards

Muscat: The Accounting and Auditing Profession Forum in the Sultanate of Oman commenced on Sunday under the theme "Professional Rules to Enhance Credibility."Organised by the Financial Services Authority (FSA) with the participation of representatives and personnel from accounting and auditing firms, the two-day event aims to discuss key industry trends. The interactive forum seeks to regulate and develop the accounting and auditing profession, keep pace with international developments, enhance the efficiency of operating institutions, and elevate the quality of professional practices in line with best international standards as well as legislative and regulatory advancements.Ahmed Ali Al Maamari, Executive Vice CEO of the Financial Services Authority, emphasised that the forum comes as an extension of the Authority's efforts to develop and regulate the accounting and auditing profession, continuing an ongoing dialogue with industry practitioners. He added that the seminar serves as an open space for dialogue, experience exchange, listening to perspectives and feedback, and discussing practical challenges facing practitioners.He pointed out that effective regulation begins with building awareness, disseminating knowledge, establishing professional values, and enabling practitioners to address and rectify shortcomings before resorting to regulatory measures required by laws, noting that rules and regulations define the minimum level of compliance, whereas professional culture creates excellence.He added that the Authority aspires to build a professional environment based on partnership and shared responsibility, where roles integrate and visions align, thereby contributing to elevating audit quality, bolstering the reliability of financial reporting, protecting the public interest, supporting the national economy, and enhancing the standing and competitiveness of the accounting and auditing profession both locally and internationally.The forum addressed three main pillars aimed at developing the accounting and auditing profession and enhancing practice quality. The first pillar centered on the initiative to activate the register of trainee accountants, aimed at surveying trainee accountants and constructing an integrated database for them. This will contribute to designing training programmes aligned with their needs and outlining clear career paths that support the qualification and development of national talents. Furthermore, technical updates to the electronic system and registration mechanism were reviewed, along with the desired objectives of activating this register.In the second pillar, the Authority reviewed the most prominent violations detected during regulatory inspection visits to accounting and auditing firms to raise professional awareness and boost compliance with regulatory requirements and professional standards. These violations included issuing audit reports without conducting actual audit procedures, non-compliance with International Standards on Auditing, enabling unlicensed individuals to practice the profession, and combining audit services with the preparation of financial statements for audit clients, thereby impacting auditor independence.The forum also included a panel discussion addressing key developments occurring in the accounting and auditing profession, the main challenges and opportunities facing the sector, and ways to advance the profession and elevate accounting and auditing quality.The forum highlighted major legislative and regulatory developments in the profession. The Authority prepared the draft of the new Executive Regulation of the Law and referred it for approval. Additionally, during 2026, it issued an external circular regarding the retention of audit files within the Sultanate of Oman and an external circular regarding the completion of registration and licensing procedures to practice accounting and auditing, as part of its ongoing efforts to develop the regulatory environment, enhance compliance with professional requirements, and keep pace with regulatory and supervisory developments.The forum also reviewed the mechanism for activating the register of trainee accountants, as well as the requirements of the International Standard on Quality Management (ISQM) and key practices associated with its implementation in firms, alongside its role in enhancing audit quality and raising the efficiency of quality management systems in line with modern professional requirements.The first day of the forum concluded with an open dialogue session bringing together the Authority and representatives of accounting and auditing firms to address their inquiries and hear their views and suggestions, thereby contributing to developing the profession's regulatory environment and strengthening partnerships with practitioners. During the second day, a number of International Standards on Auditing will be reviewed to deepen practitioners' understanding of their requirements and application mechanisms.As part of its ongoing efforts to develop the profession, the Financial Services Authority continues preparing to launch a national initiative aimed at developing workforce competencies in the accounting and auditing sector, set to roll out starting next year to build professional capabilities and elevate practice quality.It is worth noting that holding the forum comes within the 2026 regulatory plan of the Financial Services Authority, as part of its efforts to enhance the quality of the accounting and auditing profession and raise compliance levels with regulatory and professional requirements by reviewing major supervisory developments, exchanging expertise, and discussing challenges and opportunities that contribute to developing the profession.