'Future of Audit' explores changes to meet Oman's needs

“The Future of Audit” was recently held in Oman by notable leaders in the audit area to transform Oman by encouraging Omanisation and competition with worldwide trends.

Abu Timam Grant Thornton, one of the top international advisory and assurance firms, and the Association of Chartered Certified Accountants (ACCA), which is the top worldwide professional accountancy body, organized the event.

The goal of the event was to determine how the audit environment needs to change in order to meet the growing and changing needs of Oman’s local economy. Oman has one of the most diverse economies in the world. This places a unique challenge on companies and audited financial statements.

There are various laws and regulations in Oman and around the world that could change the auditing industry forever. The participants at the event discussed these challenges and solutions for the local and global economy.

According to the roundtable discussions, the strength as well as independence of an audit committee is important to the economy. The general strategy for Oman’s businesses should be understood to move forward to benefit the organization and enable the committees to see lapses of control in time to stop them.