New amendments approved to the Implementing Regulations of the Law of the Profession of Accounting a

New amendments approved to the Implementing Regulations of the Law of the Profession of Accounting and Auditing

His Excellency the Minister of Commerce and Chairman of the Board of Directors of the Saudi Organization for Chartered and Professional Accountants (SOCPA), Dr. Majid Al-Qasabi, issued a decision amending paragraphs (4) and (5) of Article (6) of the Implementing Regulations of the Law of the Profession of Accounting and Auditing.
The new amendments stipulate that SOCPA will review license applications that are complete with all required information and attachments, and that the Organization will issue a decision on applications within a period not exceeding 15 business days.  
For his part, the Chief Executive Officer of SOCPA, Dr. Ahmed bin Abdullah Al-Meghames, welcomed the amendments approved by H.E. Dr. Majid Al-Qasabi, affirming that they will help develop the accounting work environment by expediting licensing procedures and enhancing the efficiency of professional regulation. 
It is worth noting that the new amendments come in response to Council of Ministers Resolution No. (571) dated 5-8-1446 AH, which transfers the authority to issue accounting and auditing profession licenses to SOCPA instead of the Ministry of Commerce.