Muscat: The Accounting and Auditing Profession Forum in the Sultanate of Oman commenced today under the theme "Professional Rules to Enhance Credibility." Organized 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.
According to Oman News Agency, the 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, emphasized that the forum is an extension of the Authority's efforts to develop and regulate the profession, facilitating an ongoing dialogue with industry practitioners.
Al Maamari highlighted 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. He noted that while rules and regulations define the minimum level of compliance, a professional culture creates excellence.
The forum addressed three main pillars aimed at developing the profession and enhancing practice quality. The first pillar focused on activating the register of trainee accountants to survey them and construct an integrated database. This initiative aims to design training programs aligned with trainees' needs and outline clear career paths. The second pillar involved reviewing prominent violations detected during regulatory inspections, such as issuing audit reports without actual audit procedures and non-compliance with international auditing standards.
The forum also included a panel discussion on key developments, challenges, and opportunities in the sector and ways to advance the profession. Legislative and regulatory developments were highlighted, including a draft of the new Executive Regulation of the Law, which has been referred for approval. Additionally, the forum reviewed the mechanism for activating the register of trainee accountants and the requirements of the International Standard on Quality Management (ISQM).
The first day concluded with an open dialogue session between the Authority and representatives of accounting and auditing firms. The second day will review several International Standards on Auditing to deepen practitioners' understanding. The Financial Services Authority is preparing to launch a national initiative next year aimed at developing workforce competencies in the sector.
The forum, part of the 2026 regulatory plan of the Financial Services Authority, aims to enhance the quality of the profession and raise compliance levels with regulatory and professional requirements by reviewing major supervisory developments and discussing challenges and opportunities.