As part of its supervisory efforts to ensure the quality of professional performance and enhance practices in the accounting and auditing profession, the Saudi Organization for Chartered and Professional Accountants (SOCPA) has taken action against several establishments and individuals involved in providing accounting and auditing services without obtaining the required licenses. These efforts have resulted in referring the violators to the Public Prosecution to complete the necessary legal procedures.
SOCPA explained that it monitored and followed up on violations published across social media platforms and websites, in addition to official reports received from various individuals and entities. The Organization recorded two commercial establishments promoting accounting and auditing services without a legal license, and identified an office that had prepared its premises and installed a signage to practice the activity without obtaining the required license. SOCPA also recorded an individual falsely claiming on the “X” platform to be a “Certified Public Accountant” Contrary to the truth.
This action comes as part of SOCPA commitment to regulating the profession and ensuring that all practitioners comply with the provisions of the Law of the Accounting and Auditing Profession and its Executive Regulations. These violations fall under Article Ten of the Law, which prohibits misleading the public by suggesting the right to practice the profession without a legal license, or in cases where the license has been revoked or suspended. The penalties for such violations include imprisonment for up to five years and a financial fine of up to two million riyals.
SOCPA reiterated its commitment to protecting the profession from unlawful practices and urged all practitioners to obtain the required licenses before engaging in professional activities to ensure quality and maintain public trust in accounting services. The Organization also called on individuals and establishments to verify the licensing status of service providers through SOCPA website, which offers a public inquiry tool for licensed practitioners.
SOCPA stressed that safeguarding the profession and ensuring practitioner competence are fundamental pillars of its mandate, reaffirming its commitment to continuing oversight and taking all necessary measures to ensure the quality and reliability of professional outputs to protect of the national economy.