The Saudi Organization for Chartered and Professional Accountants (SOCPA), through its Audit Standards Board, has adopted the Narrow Scope Amendments Related to the Term "Publicly Traded Entities" to the International Standards on Auditing (ISAs) and Quality Management (ISQMs) and the International Standard on Review Engagements (ISRE) 2400, issued by the IAASB, for application in Saudi Arabia. These amendments are part of the joint efforts between the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) to enhance consistency between professional and ethics standards requirements. The IAASB issued narrow scope amendments to the ISAs, ISQMs, and ISRE 2400.
The amendments adopt the term "Publicly Traded Entities" as defined in the International Code of Ethics for Professional Accountants within the context of the ISAs, ISQMs, and ISRE 2400, replacing the term "Listed Entities." This serves as the basis for determining certain differential requirements between Publicly Traded Entities (formerly Listed Entities) and other entities that are not Publicly Traded Entities (formerly non-listed entities).
To view these amendments, click here.