With more than 640 licensees to practice the accounting and auditing profession in addition to professional services providers, Saudi Organization for Chartered and Professional Accountants (SOCPA), in cooperation with the Ministry of Commerce, organized a workshop on the executive regulations of the new corporate law issued by the Ministry of Commerce. The workshop was presented by Mr. Abdulmajeed Al-Abdulwahhab, Managing Director of the Companies Laws and Policies at the Ministry of Commerce. During the workshop, Mr. Al-Abdulwahhab talked about the most important advantages of the executive regulations and the provisions therein, the obligations of the company's auditor, and what he is permitted to do. In addition, the workshop discussed the means of filing financial statements, the auditor's report, and the report of the board of directors, which can only be done through Saudi Business Center via the Electronic Filing of Enterprises Financial Statements (Qawaem). Mr. Al-Abdulwahhab demonstrated the criteria for exemption from the requirement to appoint an auditor in small and micro companies and the controls for requesting the appointment of an auditor in those companies, and at the end of the workshop answered the attendees' questions.
This meeting comes within the framework of SOCPA's role in promoting and supporting accounting and auditing practitioners as well as keeping abreast of all developments in the profession.