More than 100 international standards applied in the accounting and auditing profession

More than 100 international standards applied in the accounting and auditing profession raise the quality of financial reporting and enhance the quality of investment
 
In a strategic transformation that achieves the efficiency and quality of professional outputs, the Saudi Organization for Chartered and Professional Accountants continued its efforts to supervise the implementation of more than 100 international standards for accounting and auditing. The implemented standards included international standards for financial reporting, international standards for auditing and confirmation, international standards for quality management, and international standards for professional conduct and ethics.
 
The Organization stressed that the application of international standards achieves a number of important goals at the level of the accounting and auditing profession, the national economy and investment in the Kingdom, by enhancing the quality of financial reports in terms of the level of accuracy, transparency and credibility. Enhancing the attractiveness of local markets for foreign investments, as these internationally accepted and recognized standards facilitate investors' understanding of the financial information of local companies. The application of standards also contributes to the alignment of  the Kingdom's Vision 2030 programs and objectives related to developing the financial sector, raising the efficiency of the financial market, and improving the Kingdom's position in international competitiveness and transparency indicators. It supports the development of professional qualifications for accountants and auditors in the Kingdom by adopting the application of international best practices. This was stated by the CEO of the SOCPA, Dr. Ahmed Al-Maghamis, stressing its role as a regulatory body for the accounting and auditing profession in the Kingdom in contributing to international efforts to develop high-quality standards. He also stated that the Kingdom's adoption of international standards reflects its deep commitment to regulating the profession according to the highest international standards, as the Organization has developed approved mechanisms to approve updates issued by international standards Board and follow up on their implementation locally, Including addressing professional inquiries and implementing monitoring programs to ensure the quality of professional performance.
 
Al-Mgahamis has also explained that the Organization –represented by its professional boards– participated in presenting the Kingdom's views on the projects of preparing international standards, by commenting on research papers and participating in meetings of advisory groups linked to international boards, which enhances the Kingdom's professional presence on the global scene and contributes to developing high-quality international standards that are consistent with market needs and professional practices.