KSA signs agreement to bolster accountancy profession

Saudi Arabia and United Kingdom accountancy bodies signed an agreement here to strengthen the profession in the country.
The Institute of Chartered Accountants in England and Wales (ICAEW) signed the agreement Wednesday with the Saudi Organization for Certified Public Accountants (SOCPA). As the Kingdom continues to lay firm foundations for a more diversified economy, a robust financial sector is essential for its sustainable development, said Vernon Soare, executive director of the ICAEW.
Speaking at the signing of the memorandum of understanding, Soare said: “It is important that home-grown talent continue to support the sector and that we give them the necessary tools to become the leaders of tomorrow.”
The agreement was signed by Ahmad Al-Meghames, secretary general of SOCPA and Michael Izza, chief executive of the ICAEW, during an official ceremony at Prince Sultan University.
In his keynote address, Soare spoke about International Financial Reporting Standards (IFRS) adoption in Europe and the ICAEW’s quality assurance program.
“SOCPA looks forward to working closely with the ICAEW in future to develop a number of exciting initiatives and to share experiences and expertise for the benefit of the profession in Saudi Arabia and across the region. It is essential to establish linkages of this nature so that both bodies will be able to leverage upon each other’s strengths,” said Al-Meghames.
Both organizations would share their knowledge, improve professional and intellectual development and grow their membership.
“This partnership marks a milestone in the Kingdom’s journey toward creating an accounting and finance sector which can compete with the historical powerhouses of the industry,” said Izza.
“We are pleased to sign a mutually beneficial alliance with SOCPA and are looking forward to aligning our visions and sharing our expertise to strengthen and support the development of the accountancy profession in Saudi Arabia,” he said.
According to the agreement, the ICAEW and SOCPA will share expertise on the accountancy profession both nationally and internationally.