Audit in Oman

An audit gives the owners, the bank and the Omani authorities an independent opinion on a company’s financial statements. For a business owned from abroad it is often the first outside check on how the local books have been kept, so the choice of auditor deserves as much care as the choice of bookkeeper. The Tax Authority’s income tax FAQs say that taxpayers at the 15% rate must file their return with the audited accounts attached. A company holding a foreign investment licence also sends an annual report within 60 days of the year end that includes the audited statements and the auditor’s report, under the Executive Regulations of the Foreign Capital Investment Law.

Ask a firm who will sign the audit report and whether that person is licensed to audit in Oman. Ask which standards it audits against, when it needs the closing figures, and how long fieldwork takes. If your group has an auditor at home, ask whether the Omani firm can work to the group’s reporting timetable and send its files in English. If the same firm keeps your books, ask how it keeps the audit independent of that work.

All 30 firms Accountanty lists in Oman offer audit: 27 accounting firms and three corporate service providers. Twenty are small, seven medium-sized and three part of large networks, and 13 focus on foreign clients. Single firms declare accreditation with the Capital Market Authority and registration with the Muscat Stock Exchange, which matters if your company is regulated or listed. All are in Muscat, and accounting in Oman lists the bookkeeping side.