The Oman Association of Chartered Public Accountants (OACPA) and the Sector Skills Unit for Accounting, Finance, and Auditing was officially established on May 22, 2016, by virtue of the Minister of Social Development’s Decision No. 80/2016, in accordance with the provisions of the Civil Associations Law promulgated by Royal Decree No. 14/2000. The Association has an independent legal personality, which empowers it to own assets to achieve its purpose and manage its administrative and financial affairs in line with the Civil Associations Law and its Articles of Association approved by the Ministry of Social Development. The OACPA is a professional body dedicated to developing the accounting, finance, and auditing professions in the Sultanate of Oman. It works with governmental and private entities to establish professional standards, issue practice licenses, verify academic and professional certifications, and validate practical experience (the Professional Classification System). The Association will offer specialized training programs and courses that meet labor market needs and help trainees obtain internationally and locally recognized professional certifications. It also aims to elevate the accounting profession and foster a proactive relationship with the business community, with a strong focus on developing Omani professionals in all financial and accounting fields. The OACPA operates as a unified team to activate its role and advance the profession. It provides members with the latest updates in legal accounting and creates a suitable environment to achieve its mandated objectives. The Association has signed cooperation agreements with international organizations, such as the International Federation of Accountants (IFAC), and has a strategic partnership with the Association of Chartered Certified Accountants (ACCA).
As part of Oman Vision 2040, the goal is to establish sectoral units, licensed by the Ministry of Labor and incubated by the OACPA, to assess and accredit human capital in the fields of accounting, finance, and auditing. This unit will play a pivotal role in developing a sustainable, sector-led skills development system. Its primary focus is on creating National Occupational Standards (NOS) that define the competencies, knowledge, and skills required for proficient job performance. These standards will then be used to develop qualifications, training programs, and frameworks for professional assessment and licensing, thereby raising the quality of both training and professional practice.
The unit will also create a professional roadmap for the sector, outlining its various fields, occupations, and job functions. It will also conduct research to analyze labor market indicators and identify skills gaps between market demands and educational outcomes. The Sectoral Skills Unit was announced on August 26, 2021, under the supervision of the Ministry of Labor.
Elevate the accounting profession and establish a dynamic relationship with the business community in accounting, review, and auditing. The Association is dedicated to developing the national workforce in all financial and accounting fields.
The OACPA will contribute, in cooperation with relevant parties, to establishing a comprehensive quality assurance review framework tailored to the local context.
The Oman Association of Certified Public Accountants will develop a quality assurance manual specifically designed for very small firms, including sole practitioners. This manual aims to assist members in formulating and recording appropriate quality management policies and procedures that comply with the new quality management standards (ISQM 1 and ISQM 2). The manual will be subject to regular review and update and will be made publicly available, and associated training courses will be scheduled accordingly.
Provide technical assistance and resources to auditing firms for their quality assurance projects.
Create a Quality Assurance Guide specifically for very small firms, including individual practitioners, to help members implement appropriate quality management policies.
Highlight the importance of quality assurance reviews in ensuring the reliability of financial reports to the public, the business sector, and stakeholders.
Prepare detailed guides, manuals, and templates to assist auditing firms in understanding and applying the requirements of the quality assurance review system.
Support the creation of collaborative networks and forums among auditing firms to exchange expertise and best practices.
Organize training programs, workshops, and seminars to enhance the capabilities of auditing firms and review teams.
Collaborate with the Ministry of Labor to establish professional standards and issue practice licenses.
Partner with the Ministry of Labor and the Canadian company “Clean Sheet” to verify academic and professional certificates.
The Oman Association of Chartered Certified Accountants (OACPA) is embarking on major reforms that demonstrate a deep commitment to aligning initial and ongoing professional development programs in Oman. These forward-looking measures underscore Oman's unwavering commitment to ensuring that its professional accountants are not only well-educated and qualified, but also continually enhance their skills to meet global standards. The introduction of National Professional Standards (NOS) and Qualification Profiles (QPs) accredited by the OACPA is a pivotal component of this reform. Working on professional licensing, accreditation, and classification systems, this pioneering development represents a significant improvement in the professional development framework for auditors and accountants.
Collaborate with educational institutions and universities to align accounting and auditing curricula with IES requirements.
Offer Continuing Professional Development (CPD) programs that meet IES requirements for practicing professionals.
A licensed committee under the OACPA has been established to develop national standards for skills, competencies, and knowledge that align with international accounting and auditing standards.
Work with educational institutions to conduct regular evaluations of accounting and auditing curricula.
Seek to benefit from the expertise of international accounting bodies to gain insights and best practices in applying education standards
The Oman Association of Certified Public Accountants (OCPA) is actively working with various stakeholders, including a strategic partnership with the Association of Chartered Certified Accountants (ACCA), to launch a new entry exam for those interested in entering the world of accounting and auditing in Oman. Until now, there has been no formal exam to qualify accountants and auditors. This step aims to establish a structured and unified system to ensure that future auditors possess the knowledge, skills, and competencies necessary to succeed in the auditing profession. This collaboration includes working with relevant institutions, regulatory bodies, and educational institutions to develop and implement a comprehensive exam framework that assesses applicants' abilities in accounting principles, auditing standards, ethics, and practical audit procedures, as well as their critical thinking and problem-solving skills. By setting high standards for auditor qualifications and encouraging accountability and transparency in the profession, the organization seeks to improve the quality of audit services in Oman, enhance the status of auditors, and support the country's economic growth and financial stability.
Monitor and assess the Omani labor market to identify skill shortages and needs.
Develop national professional standards in line with international best practices.
Translate professional standards into qualifications and training programs for professionals.
The Omani Association of Certified Public Accountants and the Sector Skills Unit, with the authorization of the Ministry of Labor, are establishing a professional accreditation system that includes the issuance of professional competency cards, professional practice licenses, and professional classification. The organization also determines the standards and procedures required for professionals to obtain these accreditation.
Partner with the Ministry of Labor and the Canadian company “Clean Sheet” to verify academic and professional certificates.
The OACPA has adopted the 2018 version of the IESBA Code of Ethics for Professional Accountants issued by IFAC. As part of its commitment to excellence and professionalism, the Association will ensure the adoption of the latest version of the IESBA Code in its upcoming action plan.
The Oman Association of Certified Public Accountants will evaluate the ethical provisions in all laws and regulatory frameworks governing the work of accountants and auditors and align them with the standards contained in the IESBA Code of Ethics to achieve consistency. If necessary, the body will recommend amendments to the laws to the relevant authorities.
Collaborate with regulatory authorities to ensure alignment between national regulations and the IESBA Code of Ethics.
Develop ethical guidelines for members and practitioners in specialized fields such as public sector auditing or financial services.
Implement awareness campaigns and initiatives to promote ethical conduct and increase awareness among members.
The Oman Association of Certified Public Accountants will develop comprehensive implementation guidelines that provide detailed instructions on how professional accountants and firms can effectively apply the IESBA Code of Ethics.
Adopt a system of 40 annual Continuous Professional Development (CPD) hours, with at least 4 hours dedicated to professional ethics.
Organize regular training courses, workshops, and seminars to help members understand and apply the IESBA Code effectively.
The Oman Association of Certified Public Accountants (OACPA) has adopted the 2018 edition of the International Ethics Standards Board for Accountants (IESBA) Code of Ethics for Professional Accountants, issued by the International Federation of Accountants (IFAC). As part of its commitment to excellence and professionalism, the association will ensure the adoption of the latest version of the IESBA Code of Ethics for Professional Accountants in its upcoming work plan. This proactive step reflects the association's dedication to ensuring its members adhere to the latest ethical standards, enhancing the integrity and quality of their services.
Take a leading role in promoting the adoption of IFRS among key stakeholders.
Establish technical committees of accounting experts to provide guidance and recommendations on adopting and updating IFRS.
Collaborate with regulatory bodies like the Capital Market Authority and the Central Bank of Oman to unify efforts and standards related to IFRS implementation.
Support the adoption of IFRS for Small and Medium-sized Enterprises to simplify financial reporting.
Provide technical guidance and resources, including implementation guides and FAQs.
Organize training courses and workshops to build the capacity of professionals and institutions in Oman.
Cooperate with universities to ensure that accounting curricula include IFRS topics.
Inform members of all new and revised standards from the International Accounting Standards Board (IASB).
Conduct research and issue publications that illustrate the benefits of adopting IFRS.
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OACPA is the national body advancing the accounting profession in Oman. We promote excellence through standards, training, and international collaboration.
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