The Oman Financial Services Authority published an update on its Accounting and Auditing Profession Forum, highlighting supervisory deficiencies and measures to strengthen professional standards. The authority outlined plans to activate the Register of Trainee Accountants, creating a database to support targeted training and clearer career pathways, and reviewed requirements under International Standard on Quality Management 1 and International Standards on Auditing. Supervisory visits found firms issuing audit reports without performing audit procedures, failing to comply with International Standards on Auditing, allowing unlicensed individuals to practise and providing both audit and financial statement preparation services to the same clients, compromising auditor independence. The forum focused on correcting deficiencies through awareness and practitioner engagement before supervisory measures are used where required by law. The authority has submitted draft executive regulations governing the profession for approval and is preparing a national initiative to develop accounting and auditing professionals’ capabilities, scheduled for launch in 2027.
Oman Financial Services Authority2026-07-27
Oman Financial Services Authority identifies serious audit violations and advances professional development initiatives
The Oman Financial Services Authority highlighted serious deficiencies at accounting and auditing firms, including reports issued without audit procedures, standards breaches, unlicensed practice and compromised auditor independence. It also outlined plans to activate a trainee accountant register and launch a national professional capacity initiative in 2027.