SOCPA has already adopted ISQC 1 as part of the transformation to international standards plan which was completed before the end of 2016. According to the transformation to international standards plan, SOCPA will follow up on the developments of international standards, study them and consider their adoption. And since the International Auditing and Assurance Standards Board issued two new standards on quality management replacing the quality control standard No 1, SOCPA has translated the standards to Arabic, studied them and adopted them in the Kingdom of Saudi Arabia this year. These two standards are:
International Standard on Quality Management (ISQM) 1, Quality Management for Firms That Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.
And the International Standard on Quality Management (ISQM) 2, Engagement Quality Review.
As the currently adopted standard is the International Standard on Quality Control (ISQC) 1, “Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements, we would like to announce that the new standards will be implemented and will replace ISQC 1as of December 15, 2022 in accordance with the pronouncement of International Standard on Quality Management.
SOCPA's adoption of the IAASB pronouncements comes within the framework of its efforts to improve, develop, and promote the practice of the accounting and auditing profession, and monitor the quality of its performance, develop awareness of the relevant rules and practices and enhance SOCPA's participation in serving the national economy and society.