SOCPA's Audit Standards Board Adopts Revised Version of ISA 600 and First Draft of Consulting Services Standard "Engagements for providing Forensic Accounting Services"
The Auditing Standards Board at the Saudi Organization for Chartered and Professional Accountants (SOCPA) held its second meeting for its 8th session on 11-10-2022 at SOCPA's headquarters. Mr. Badr bin Ibrahim bin Muhareb chaired the session, with the presence of all members of the Board. The Board adopted the revised ISA 600 "Special Considerations— Audits of Group Financial Statements (Including The Work of Component Auditors)." The Board took this decision after a fruitful discussion in which the standard was examined and vetted against the local environment. The standard will enter into force on 15-12-2023.
In addition, the Board reviewed the Consulting Services Standard Draft "Engagements for providing Forensic Accounting Services." After listening to members' views and considering their input, it approved the initial draft. The Board also decided to hold a round-table meeting with a select group of interested parties to discuss the draft, publish it to the public, and ask for opinions and feedback. It is expected that the application of this standard when it is issued will improve the quality of the reports of chartered accountants submitted to the litigation authorities and achieve its objective.