News - SOCPA

10 Jun 2024

SOCPA Presents Its Views on ISA 240 Update

The International Auditing and Assurance Standards Board (IAASB) has published an Exposure Draft to update International Standard on Auditing 240, "The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements." The update aims to clarify the auditor's role and responsibilities regarding fraud in financial statement audits by enhancing the standard's content to emphasize the appropriate level of professional skepticism during audit procedure...

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04 Jun 2024

SOCPA Comments on Proposed Ethics Standards Updates for Sustainability Assurance

The International Ethics Standards Board for Accountants (IESBA) has published an exposure draft proposing updates to the International Code of Ethics for Professional Accountants. The Board proposes adding Part 5 to cover requirements for compliance with ethics and independence standards for sustainability assurance engagements and reporting. This initiative responds to the global transformation and increasing stakeholder demand for sustainability-related information. The exposure dra...

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21 May 2024

SOCPA Publishes the 2023 Edition of the International Code of Ethics for Professional Accountants on Its Website

As part of its efforts to support the implementation of the International Code of Ethics for Professional Accountants in the Kingdom of Saudi Arabia, the Saudi Organization for Chartered and Professional Accountants (SOCPA) has published the 2023 edition of the International Code of Ethics for Professional Accountants (including International Independence Standards) adopted in the Kingdom of Saudi Arabia. This edition includes several enhancements to the translation of the...

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20 May 2024

SOCPA Holds an Open Meeting with Representatives of IASB

On Sunday, 04-10-1445H corresponding to 12-05-2024, SOCPA hosted representatives from the International Accounting Standards Board (IASB). During the visit, a joint meeting was held with members of SOCPA’s Accounting Standards Board and key members of SOCPA. The meeting included a review and discussion of the latest updates to international standards, highlighting IFRS 18, which will replace IAS 1, and IFRS 19, which provides less detailed disclosures for subsidiaries not subject...

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20 May 2024

SOCPA Publishes Names of Fellowship Certificate Recipients

The Saudi Organization for Chartered and Professional Accountants (SOCPA) is pleased to congratulate the recipients of the Fellowship Certificate for the first cycle of 2024. We wish them continued success and prosperity in their professional careers. The names of the Fellowship Certificate recipients can be viewed by clicking here. {^widget|(videourl)https%3a%2f%2fyoutu.be%2fnoNDvH_lF8I|(name)YouTubeVideo|(autoplay)False|(widget_displayname)YouTube+vid...

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05 May 2024

SOCPA Joins Membership of International Auditing and Ethics Standards Boards

The Saudi Organization for Chartered and Professional Accountants (SOCPA) has gained the membership of the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA). Representing SOCPA, both the Auditing Standards Committee and the Professional Ethics Committee participated in the regular meetings of the IAASB and IESBA last week in New York. The meetings were attended remotely by Mr. Ahmed Al-Shanqeeti, Chair of t...

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