FSA launches electronic system for regulating the auditing profession
The move comes within the framework of implementing the new jurisdiction of the FSA after the issuance of Royal Decree No. 20/2024 establishing the Financial Services Authority and issuing its charter, which transferred the jurisdiction for regulating and licensing the accounting and auditing profession from the Ministry of Commerce, Industry and Investment Promotion to the FSA making it the competent authority to regulate this vital sector under best international practices.
The new system allows users to submit online applications with the ability to upload the required documents and follow up on the status of the application at its various stages swiftly and transparently. 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 by 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.
It is worth noting that the regulation of the profession in the Sultanate of Oman is based on the Accounting and Auditing Profession Law issued under Royal Decree No. 77/86. The FSA is currently preparing the regulations for the profession, which are available as a draft for consultation with the industry and the public, within the approach adopted by the FSA in applying community participation in
The formulation of regulatory schemes.
The FSA endeavors to establish a comprehensive regulatory framework for the profession that keeps pace with the developments in the profession and ensures that practitioners comply with
International accounting and auditing standards and ethical principles.
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