Under the Patronage of the Minister of Commerce, SOCPA signs a Memorandum of Understanding with the Institute of Chartered Accountants in England and Wales (ICAEW)
Under the patronage of His Excellency the Minister of Commerce, Dr. Majid bin Abdullah Al Qasabi, Chairman of the Board of Directors of the Saudi Organization for Chartered and Professional Accountants, SOCPA signed a memorandum of understanding with the Institute of Chartered Accountants in England and Wales (ICAEW) aimed at establishing a joint cooperation relationship between them in the field of the accounting and auditing profession. This MoU establishes closer cooperation in several professional areas, including conducting technical research, establishing joint professional events, and participating in providing advice to other professional bodies. The MoU was signed by the Saudi Organization for Chartered and Professional Accountants, its Secretary General, Dr. Ahmed Abdullah Al Maghamis, and by the Institute of Chartered Accountants in England and Wales, ICAEW, its CEO, Mr. David Maythouse. This memorandum will allow joint work between the two parties to consolidate the Saudi accounting sector and ensure its sustainability through knowledge exchange, improve professional and intellectual development in this sector, and increase the number of associate members of the two agencies. And developing a number of important initiatives and exchanging experiences and expertise for the benefit of the sector and its workers in Saudi Arabia and all parts of the region in the future.
On this occasion, Dr. Al Maghamis expressed his hope that the efforts made by SOCPA through cooperation with other international professional bodies will be crowned with success, which is represented in the development of a number of important initiatives and the exchange of experiences and expertise in the interest of the profession and its workers in Saudi Arabia and throughout the region. Stressing the necessity to establish strong professional relationships with the reputed international accounting bodies, allowing each party to benefit from the strengths of the other party. Looking forward to harmonizing the visions of the two parties in order to exchange experiences in support of the development of the accounting and auditing profession in Saudi Arabia.
From his part, David Maythouse, CEO of the Institute of Chartered Accountants in England and Wales, expressed his happiness at signing the joint cooperation agreement with the Saudi Organization for Chartered and Professional Accountants. Where both parties will share with their counterparts according to the signed agreement with expertise in the accounting field at the national and international levels. They will also plan to cooperate in matters related to the profession, technical research and development, training of professionals, quality control and education.
It is noteworthy that this memorandum came out of the SOCPA's keenness on the importance of developing joint cooperation between professional international bodies to advance the profession of accounting and auditing in Saudi Arabia.