Muscat: Oman’s market watchdog Capital Market Authority (CMA) has reconstituted an advisory panel of auditors to provide expert opinion on accounting of listed companies at times of difference of opinion or interpretation.
The eight-member panel was constituted with members from select audit firms in Oman, who will advise the market regulator on audit-related issues of listed companies.
“Capital Market Authority has reconstituted an advisory committee of selected audit firms, which are accredited to provide services to the entities regulated by CMA with a broader participation of audit firms and enhanced Terms of Reference. The panel would act in an advisory capacity and take up matters relating to the regulation of audit firms, specially the performance of auditors in terms of applicable legal and regulatory requirements," Mohammed Said Al Abri, director general of Issues and Disclosure at CMA, told the Times of Oman.
"Such matters may include measures to strengthen independence and objectivity of auditors, discuss matters related to International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISAs),” he added.
Al Abri said the panel, after consideration of matters referred to it, would make appropriate recommendations to the Executive President of CMA. The panel would also deliberate and advise CMA on strengthening existing regulations to further enhance their effectiveness in the overall interest of investors and other stakeholders.
The regulator treats auditors as a critical wall of defence to ensure robust corporate governance and ensure integrity of financial reporting, based on which investors and other market participants take their investment decisions.
“The contribution of the accredited audit firms and their professionalism is well appreciated by CMA. The reconstituted advisory panel is expected to facilitate increased coordination between the regulator and the accredited audit firms to further enhance quality of financial reporting that will benefit regulated entities, investors and other market participants,” he explained.