SOCPA Organizes a Workshop Titled "How to Easily Establish Accounting Firms in Accordance with Governance Procedures" with over 800 attendees
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 - that these decisions and legislations aim to increase the number of professionals and enable economic sectors to obtain appropriate audit and accounting services, and motivate accounting and auditing professionals to establish professional firms and companies.
H. E. Dr. Ahmed Almeghames, SOCPA's CEO, said that this event enjoys the participation of a distinguished group of specialists and those interested in the subject of accounting and auditing and that they are here to contribute to making the profession a supporting arm for promoting investment and the stability of rights.
The event was attended by a group of auditors and accountants. Chartered Accountants Mr. Saleh Al-Yahya and Mr. Sultan Al-Shubaili, touched upon several topics in the event, including requirements for the establishment of a professional firm, the nature of the professional market in the kingdom, technical work and team management, and the opportunities and challenges of establishing professional firms. Then the floor was opened for the audience to discuss and ask questions.
In the event, SOCPA highlighted the most important decisions and legislations that eased the process of establishing professional firms, including the solid legislative foundation crowned by the approval of the Council of Ministers of the Accounting and Auditing Professions Law, and the issuance of its executive regulations by a decree of His Excellency the Minister of Commerce and Chairman of the board of Directors of SOCPA, Dr. Majid bin Abdullah Al-Qasabi, which included expanding the pool of potential professional practitioners to include university graduates with administrative sciences degree.
The Accounting and Auditing Professions Law also authorized granting license to practice the profession part-time in accordance with the rules set by the regulation. The new law also reduced the minimum required experience to obtain a license from 3 years to one year only.
SOCPA is very keen on enhancing users' confidence in financial statements, building international bonds, supporting the basis for attracting investments, and enhancing transparency and trust for financial dealings, and for that end, SOCPA has worked to complete the transformation to a set of international standards which included standards of accounting and auditing, quality control, and ethics.
SOCPA has contributed to the simplification of the steps needed to set up professional firms by digitizing its services and worked with the Human Resources Development Fund (HRDF) which offers great support to obtain several professional accounting certificates as part of the Professional Certification Support Program.
SOCPA has also worked to increase the number of professional exams in various regions of the kingdom, issuing related guides and holding workshops to overcome any obstacles that may face qualified practitioners to establish professional firms.