IFAC: SOCPA is an Inspiring Model for International Professional Bodies
The International Federation of Accountants (IFAC) has issued a recent report highlighting the Saudi Organization for Chartered and Professional Accountants (SOCPA) and its initiative to make the SOCPA Fellowship available to professionals worldwide, describing this step as a fundamental shift in the global accounting profession that reflects the leadership of Saudi Arabia’s accounting sector in professional development and in strengthening economic enablers.
IFAC stated that the “SOCPA Global Fellowship” is a strategic tool to increase the number of qualified accountants able to contribute to achieving the targets of Saudi Vision 2030. It presents a pioneering model for professional organizations around the world to enhance cooperation and professional mobility, and it embodies a forward-looking, innovative vision aligned with international best practices.
The report added that the Saudi experience offers an inspiring model for international professional bodies on how to combine upholding rigorous professional standards with expanding entry pathways and attracting global talent, thereby reinforcing the Kingdom’s position as a regional and international hub for accounting and auditing.
It also noted that the benefits of this step extend beyond the accounting profession to wider economic dimensions, as expanding the base of highly capable accountants raises investor confidence, supports the effectiveness of financial markets, and strengthens governance and transparency. It also enables companies to grow and attract investment, aligns with international standards and future transformations, and enhances innovation capacity and responsiveness to change and sustainability requirements.
IFAC pointed out that this step is consistent with the global nature of the profession, which is built on standards developed internationally and applied locally in financial reporting, auditing, professional ethics, and sustainability.
The report explained that the success of the profession globally rests on several key elements, including strengthening mutual recognition of professional qualifications; adhering to shared benchmarks to ensure trust and credibility; supporting the attraction of qualified professionals; and retaining them to enhance competitiveness.
In conclusion, IFAC affirmed that SOCPA’s initiative has set a new benchmark for advanced, globally open professional regulation, and called on all professional organizations to benefit from SOCPA’s initiative so that the accounting profession worldwide becomes stronger, more connected, and better prepared to serve local, regional, and global economies and markets.
To view the report, click here.