Oman: FSA launches new licensing system for accounting and auditing
The new system allows users to submit online applications with the ability to upload the required documents and follow up the status of the application at its various stages in swift and transparent manner. It aims to raise the efficiency of services, facilitate access and reduce time and effort in addition to enhancing digital supervision and tracking the performance of accounting and auditing firms.
The FSA confirmed that the system is a step forward in the level of regulatory services rendered and reflects the FSA's commitment to providing a high-quality professional environment in accordance with international standards by facilitating licensing and licenses renewal procedures and enabling applicants to obtain the service online in a way that enhances the confidence of investors and the financial community in the profession.
The regulation of the profession in the Sultanate is based on the Accounting and Auditing Profession Law issued pursuant to Royal Decree No. 77/86. The FSA is currently preparing the regulations for the profession, which is available as a draft for consultation with the industry and the public within the approach adopted by FSA in applying community participation in the formulation of regulatory schemes.
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