SOCPA and IFAC Convene Government Leaders in Riyadh to Discuss Global Standards Updates

SOCPA and IFAC Convene Government Leaders in Riyadh to Discuss Global Standards Updates

Riyadh, Saudi Arabia - On the sidelines of the IFAC Connect Forum in Riyadh, the Saudi Organization for Chartered and Professional Accountants (SOCPA) hosted a high-level roundtable bringing together representatives from the International Federation of Accountants (IFAC) and more than 60 senior leaders from key Saudi government institutions. Participating entities included the Ministry of Finance, the Ministry of Investment, the Ministry of Economy and Planning, the Ministry of Commerce, the Saudi Central Bank, the Capital Market Authority, the General Court of Audit, SOCPA’s Board of Directors, the Saudi Institute of Internal Auditors, and the Zakat, Tax and Customs Authority.
The discussions centered on recent developments in international accounting, auditing, and ethics standards, global priorities for the profession, and ways to strengthen collaboration between regulators and international standard-setting boards to achieve effective adoption. Participants also examined the challenges of applying global standards within local contexts.
The meeting concluded with a shared commitment to deeper cooperation with IFAC and international standard-setting bodies. A step viewed as essential to positioning Saudi Arabia as a regional leader in the profession and a global reference in aligning with international standards.