The Saudi Organization for Chartered and Professional Accountants (SOCPA) has made positive progress in the World Competitiveness Yearbook (WCY) for 2022 published by the Switzerland-based International Institute for Management Development (IMD), in the index of auditing and accounting in commercial activities, advancing from the 32nd rank to 17th, up 15 ranks. The Kingdom of Saudi Arabia also rose eight places from a year ago to rank 24th out of 63 most competitive countries in the world.
SOCPA CEO Dr. Ahmed bin Abdullah Al-Meghames expressed pride in Saudi Arabia's progress in several indexes, which highlights the keenness of the wise leadership to enhance progress and competitiveness globally, where Saudi Arabia can boost this economic activity in a bid to realize Saudi Vision 2030 targets.
Al-Meghames stressed that the increase in the auditing and accounting index in commercial activities was the result of strenuous efforts, mainly the implementation of international standards which contributed to attracting and stimulating foreign investment that requires the availability of financial information and transparency, adding that using globally unified standards allows investors to compare data and information between local and global companies. He also added that this will help investors in making the right investment decisions, increase the amount of trade exchanges between countries, including the Kingdom of Saudi Arabia, and increase investment exchanges between Saudi Arabia and other countries.