12th December 2016
Newly joined MGI Oman-based member, MGI Vision Chartered Accountants (MGI VCA), are pleased to announce their new status as part of the Capital Market Authority of Oman (CMA) panel of approved auditors.
At present, out of more than 100 licensed audit firms in Oman, there are only 19 firms which are in CMA’s panel of approved auditors and MGI Vision Chartered Accountants are glad to be one of them.
This approval is further affirmation of the quality of their services and commitment towards the professional practice.
Partner at the firm Mr. Abdul Majid al Abri says, “We owe this success to MGI and our clients for their continued support and encouragement.”
CMA approval means high quality
CMA approval and empanelment is granted only to those audit and assurance firms that are in compliance with very stringent CMA internal regulations of quality, capability and experience of the firm.
Established by Royal Decree 80/98, CMA is a government entity entrusted with legislative, regulatory and supervisory responsibilities for the capital market and insurance sector in the Sultanate of Oman.
Benefits of being on the panel
CMA empanelment allows the firm to conduct audits of listed companies, banks and financial institutes, insurance companies and foreign exchange companies.
All banks and financial institutes in Oman insist on CMA approved auditors for their clients who have banking exposure above certain limits.
Mr. Abdul Majid al Abri continues, “In the past, the firm has lost some business when client’s banking exposure exceeded a certain limit. Now, we will be able to not only cater to those clients but also be referred new clients by banks. MGI VCA will benefit from more respect, better market reputation and goodwill.”
Added value for Clients
This empanelment brings certain benefits to our clients and associates;
- Alignment with one of the top 19 audit firms that are “CMA approved”;
- Assured quality of services and professional practice;
- Confidence in audit reporting by banks and financial institutions;
- Better rating by suppliers, principles and credit insurance companies.
For more information or to contact the firm members can visit their MGI Member Profile page HERE
MGI Vision Chartered Accountants (MGI VCA), are based in Muscat, Oman and are members of MGI in the Middle East & North Africa, part of MGI Worldwide, a top 20 ranked international accounting network with some 5,000 independent auditors, accountants and tax experts in over 260 locations around the world.