News - SOCPA

06 Feb 2022

SOCPA Shares its Comments on Creating Separate Standard for LCE

The International Auditing and Assurance Standards Board (IAASB) published an exposure draft concerning an independent Auditing standard for Less Complex Entities (ISA for LCEs). This proposal comes as a response from the Board to the needs of Practitioners and regulatory bodies to have professional guidance for less complex entities. The current basic auditing standards were improved upon and developed with time to be more suitable for complex entities, which led to further depth and complexity...

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31 Jan 2022

UNCTAD Chooses SOCPA to Train Representatives from Other Professional Bodies

The United Nations Conference on Trade and Development (UNCTAD) chose SOCPA to provide a course in accounting for Small and Medium-Sized Entities (SMEs) in the MENA region. These courses aim to qualify representatives of professional bodies who work in the accounting sector for SMEs in Arab countries. The decision by UNCTAD to choose SOCPA is a vote of confidence that highlights the state and level of the accounting and auditing sector in the kingdom. It is also a recognition of SOCPA's rol...

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30 Jan 2022

SOCPA Shares its Comments on the "Request for Information, Post-implementation Review: IFRS 9 Financial Instruments...

The International Accounting Standards Board (IASB) published a document titled "Request for Information, Post-implementation Review: IFRS 9 Financial Instruments". After consulting with financial statements preparers, especially from banks and finance companies in cooperation with the Saudi Central Bank, SOCPA explained in its response to IASB that the most important requirements of the standard that needs to be reviewed are those related to changes in the business model, as such chan...

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23 Jan 2022

SOCPA Shares its Comments on IASB's Exposure Draft "Disclosure Requirements in IFRS Standards"

The IASB has issued an Exposure Draft containing guidance for disclosure requirements in IFRS standards and using a pilot approach in applying IFRS 19 and 13. The purpose of this draft is to develop principles that will help IASB in building the disclosure requirements in each standard to achieve the goal of the disclosure requirements, which is to provide useful information to help users of financial statements in making decisions based on Financial Statements Information. SOCPA, represented ...

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20 Jan 2022

SOCPA publishes an Arabic Translation of the Guide to Using International Standards on Auditing in the Audits of Sm...

As part of its efforts to advance the accounting and auditing profession, support small and medium-sized firms, and transfer specialized knowledge from its reliable sources to the wider community, SOCPA has successfully completed the Arabic translation of the "Guide to Using International Standards on Auditing in the Audits of Small and Medium-Sized Entities" which consist of two parts and is originally published by the IFAC in English. The guide aims to grant chartered accountants a ...

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20 Jan 2022

SOCPA Organizes a Workshop Titled "How to Easily Establish Accounting Firms in Accordance with Governance Procedure...

SOCPA stated that the steps to establish professional firms are carried out according to an easy process, with governance procedures to ensure efficiency and quality. This is possible now due to many decisions and legislations that paved the way for accountants and auditors to provide professional services of high quality. SOCPA stressed during a professional event, organized (Wednesday, January 19, 2022), and attended by more than 800 specialists - physically and via video call - tha...

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