The Saudi Organization for Chartered and Professional Accountants (SOCPA) has emphasized that a licensed accountant is responsible for the financial reports and information they certify, including information relating to profits. It affirmed that certifying financial reports the accountant did not audit, or that were not audited by someone working under their supervision, is in either case an offence. Article Ten of the Law of the Profession of Accounting and Auditing sets out those offences. Anyone who commits one or more of them faces imprisonment of up to five years and a fine of up to SAR 2 million, or one of the two penalties. This applies without prejudice to any penalty prescribed by another law.
SOCPA explained that the article also criminalizes submitting incorrect data or forged certificates to obtain a license, and misleading the public by any means about the right to practice the profession. A further offence is a licensed accountant knowingly submitting false data, or concealing data that must be disclosed. Also criminalized is certifying a report contrary to the truth, or untrue facts in a document that must be issued by law or under the requirements for practicing the profession. The article covers disclosing the secrets of the entity to which the accountant provides services, and providing incorrect information about the qualifications and experience of the accountant's employees, or taking part in providing it.
SOCPA Chief Executive Officer Dr. Ahmed Al-Meghames said the reliability of financial reports is a core element of "financial health" and of protecting entities, beneficiaries, and users of financial statements. He stressed that integrating SOCPA's roles within the accounting and auditing system with those of the regulatory and judicial authorities helps raise the level of compliance and curb unlawful practices. This strengthens the integrity of financial information and the quality of professional services.
Al-Meghames added that SOCPA’s review and oversight work has risen by 132% over the past five years, with field and desk reviews totaling 12,294. He said this reflects the wider scope of oversight and SOCPA’s stronger capacity to raise the quality of professional output.
Since the start of this year, SOCPA has referred seven individuals and entities to the Public Prosecution. The referrals followed initial monitoring and evidence-gathering procedures that revealed acts falling within the offences set out in Article Ten of the Law of the Profession of Accounting and Auditing.