Oman’s Future of Audit
Oman is set to be transformed by the future of Audit which will promote Omanisation further to compete with international trends. In an event dubbed “The Future of Audit”, Grant Thornton who is a firm leader in international advisory and assurance together with the Association of Chartered Certified Accountants (ACCA) –a body leader in the global professional accountancy hosted various influencers. The objective of the event is in establishing how the audit environment is set to make changes which will meet Oman’s economic evolving needs.
In the insightful discussion, the audience addressed several questions. Among them include: what are the legislations and regulations taking place locally and internationally which further promote change within the industry. The round table established that the committee’s strength and independence is key and that the business’ overall strategy need to be digested to drive the way forward for the organization’s benefit which will also enable the committee to recognize any control lapses.
A 'trusted advisor'
The audience aid that auditing requires encompassing a ‘trusted advisor’ approach where the auditor gets to be a strategic partner in unlocking their potential growth and solve complexities that could arise. The need of promoting Omanisation in the profession was highlighted in order to ensure that for the coming generations, the future was safeguarded.
Technological use is among the identified challenges for audit’s future. This entailed moving to integrated reporting from traditional financial statements. The discussion which was very insightful led to a futuristic view of the future of audit and how this should not be seen as a tick box exercise but a value added partnership that truly seeks to achieve and grow the growth habits.
The topic came to a halt by taking away some parting questions, ‘Should there be just one body of oversight and supervision of the process of audit across Oman?’ From the roundabout discussion, ACCA and Grant Thornton have made publish a white paper outlining major findings in detail from the roundtable.