SOCPA Supports New Licensees by Partnering With Business Incubators and Accelerators

SOCPA signed partnerships with 5 business incubators and accelerators to support new licensees and part-time professionals. The newly signed agreements will help enable the new licensees and part-timers to expand their businesses by allocating office spaces for them at a low rental cost.

This comes as part of SOCPA's continuous endeavor to develop the auditing and accounting profession, support professional capabilities, develop the accounting work environment to serve the licensees, and its commitment to raise the efficiency of professional services, encourage and support the practice of the profession, and develop effective community partnerships.

The partnership with incubators and accelerators includes offering special discounts on a number of services and aims to raise financial and accounting awareness for Small and medium-sized entities by holding various professional events.

SOCPA's CEO, Dr. Ahmed bin Abdullah Al-Maghamis, said that SOCPA, as the organization concerned with the supervision and advancement of the accounting and auditing profession in the kingdom, is working diligently to provide everything it can to support and develop the profession.

He also stated that one of the most important objectives of SOCPA is to support those wishing to enter the profession of accounting and auditing and prepare them professionally for that end, as well as enable licensees to provide accounting services and provide them with all their needs. He also added that the new partnerships with business incubators and accelerators will support new accountants and provide them with the knowledge to facilitate their work and advance their accounting services.

Dr. Al-Maghamis carried on to say that SOCPA continues to support everything that would develop and stimulate the accounting environment, and will expand its partnerships with more incubators and accelerators in various cities of the Kingdom as SOCPA aims to improve professional services, improve the accounting work environment, and increase the number of licensees, which contributes to enhancing confidence in the national economy, and attracting investments, in line with the Kingdom’s 2030 vision.

It is noteworthy that the accounting and auditing profession in the Kingdom witnessed unprecedented progress and improvement after the issuance of the Law of the Profession of Accounting and Auditing in the late first quarter of the year 2021, which opened new horizons for the accounting sector, and enabled SOCPA to provide the necessary professional support, which was reflected by the increase in the number of professional licensees by 120% over the previous year.