SOCPA Publishes the Introductory Guide to the International Code of Ethics
SOCPA Publishes the Introductory Guide to the International Code of Ethics, which included a brief overview of the most prominent aspects stated in the basic document of the code.
SOCPA explained that this guide does not replace the basic document, but rather gives an overview of the most prominent aspects of the code, which will be mandatory by the middle of the current year 2022.
The code deals with professional accountants working in the private and public sectors as well as auditors. It also includes standards of independence following the international concept of professional ethics and contains detailed guidance and determinants of cases that a professional accountant is expected to be exposed to, which may create threats that affect adherence to the basic principles of the code, such as what a professional accountant may be exposed to regarding the responsibilities of disclosing cases of violations of laws and regulations under the principle of confidentiality.
SOCPA's CEO, Dr. Ahmed bin Abdullah Al-Maghamis, explained that the implementation of the International Code of Ethics for Professional Accountants complements the transformation efforts to international standards, which includes the standards of accounting and auditing, quality control, and ethics, pointing out that the transition to the International Code of Ethics lays the basis for communication with the International Board of Professional Ethics (IESBA), as well as those interested in professional ethics around the world.
The decision to adopt and implement the International Code of Ethics came after a very extensive process of preparations carried out by SOCPA. This Included the study and translation of the code, the clarification and explanation of its content, values, and foundations, the issuance of the accreditation document, and the organization of several lectures and introductory seminars about the code. In addition to that, SOCPA worked on identifying ethics-related topics of importance to the local environment by members of the Professional Ethics Committee which they discussed with several specialists.
To view the document, click here .