In a milestone reflecting its leadership in advancing the profession and strengthening international cooperation, the Saudi Organization for Chartered and Professional Accountants (SOCPA) launched the first initiative of its Knowledge Center - established in October 2025 - by convening the First GCC Consultative Forum of Professional Bodies and Associations, hosted by the State of Kuwait.
The Forum took place during a GCC consultative meeting in Kuwait, with representatives from GCC professional accountancy organizations (PAOs). It resulted in broad professional consensus to establish a sustainable coordination framework aimed at promoting knowledge and expertise sharing, aligning professional messaging on shared issues, and building an effective GCC cooperation system in accounting and auditing.
The International Federation of Accountants (IFAC) commended the Forum, highlighting the value of this structured regional dialogue model in turning professional discussions into actionable plans. IFAC noted the initiative's role in enhancing the quality of practice and strengthening cooperation among professional accountancy organizations across the Middle East and North Africa (MENA) region. This built on the outcomes of IFAC Connect MENA, hosted in Riyadh and organized by SOCPA, which brought together profession leaders from around the world.
SOCPA's CEO emphasized that the Knowledge Center was not launched as a content platform alone, but as an operational system that transforms knowledge into effective coordination and measurable initiatives. He noted that the Forum in Kuwait represents the first realization of the Center's objectives - moving from dialogue to planning, and from exchange to execution.
He explained that the Forum's outcomes centered on a set of knowledge-based and organizational initiatives. Key among these are periodic coordination meetings, a monthly "Gulf Knowledge Hour" session for expertise sharing, the development of a unified GCC Professional Practices Guide, and regular exchange of professional statistics and indicators. Together, these aim to enhance the profession's credibility and strengthen its regional and international presence.
SOCPA's CEO concluded by reaffirming the Saudi accounting sector's commitment to advancing professional knowledge as a key tool for improving the quality of professional practice, building confidence in financial reporting, and solidifying the profession's standing at the regional and international levels. For more details and to view IFAC's commendation, click here.