News - SOCPA

09 Nov 2022

SOCPA and the General Directorate for Combating Commercial Concealment at the Ministry of Commerce conducted severa...

The Saudi Organization for Chartered and Professional Accountants (SOCPA), in partnership with the General Directorate for Combating Commercial Concealment at the Ministry of Commerce, carried out several inspection visits to accounting firms during this week. The visits aim to ensure the compliance of Chartered Accountants with the relevant regulations and decisions. These visits also come as part of the ongoing cooperation between SOCPA and the General Directorate for combating commercial conc...

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08 Nov 2022

SOCPA's Auditing Standards Board Approves IAASB's Amendments to ISA No. 600

The Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by its Auditing Standards Board has approved the amendments made by the International Auditing and Assurance Standards Board (IAASB) to ISA 600, Special Considerations— Audits of Group Financial Statements (Including The Work of Component Auditors). The Board approved the amendments after completing the procedures for adopting the standard under the Auditing Standards Board Regulation approved by SOCPA&#...

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20 Oct 2022

IFAC Corrects Errors Discovered by SOCPA in the Updated Version of the International Standards on Auditing

In accordance with the agreement signed with the International Federation of Accountants (IFAC), the Saudi Organization for Charted and Professional Accountants (SOCPA) periodically translates several IFAC publications into Arabic, including the Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services, and International Code of Ethics for Professional Accountants. So as part of their work, SOCPA's translation department has discove...

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18 Oct 2022

SOCPA Releases the Arabic Translation of the Latest Version of the Handbook of International Quality Control, Audit...

The Saudi Organization for Chartered and Professional Accountants (SOCPA) has released the Arabic translation of the latest version of the Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services published by the International Auditing and Assurance Standards Board (IAASB). This version of the handbook has included some amendments and updates, which can be summarized as follows: 1- Amendments to all standards for the purpose of reconcil...

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13 Oct 2022

SOCPA's Audit Standards Board Adopts Revised Version of ISA 600 and First Draft of Consulting Services Standard "En...

The Auditing Standards Board at the Saudi Organization for Chartered and Professional Accountants (SOCPA) held its second meeting for its 8th session on 11-10-2022 at SOCPA's headquarters. Mr. Badr bin Ibrahim bin Muhareb chaired the session, with the presence of all members of the Board. The Board adopted the revised ISA 600 "Special Considerations— Audits of Group Financial Statements (Including The Work of Component Auditors)." The Board took this decision after ...

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09 Oct 2022

SOCPA Shares Its Comments on IAASB Exposure Draft Regarding amendments to ISA 700 and ISA 260

The International Auditing and Assurance Standards Board (IAASB) published an exposure draft regarding narrow-scope amendments to ISA 700 and ISA 260 concerning disclosure of independence requirements when auditing public interest entities (PIEs). The amendments are meant to align audit standards with the amendments the International Auditing and Assurance Standards Board (IAASB) is working on, which aim to set different ethical requirements (including independence requirements) for au...

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