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ICAEW, a leader in the global accounting and finance industry, and the Saudi Organization for Certified Public Accountants (SOCPA) have signed an agreement to support the application of international accounting, auditing & ethics standards in Saudi Arabia.
Following the Memorandum of Understanding signed in 2014, both organisations will now be working more closely together to develop and strengthen accountancy and finance professional standards in the Kingdom. The agreement was signed on April 19 (Jumada Al Akhir 30) by Andrew Ratcliffe, Deputy President of ICAEW and Dr Ahmad Almeghames, Secretary General of SOCPA in the presence of His Excellency Tawfiq Al-Rabiah, Minister of Commerce and Industry.
Commenting on the new agreement, Dr. Ahmad Almeghames, Secretary General of SOCPA said, "SOCPA is pleased to work on another initiative with ICAEW to ensure our members have access to the latest research and thinking on accountancy and finance reporting standards so they may contribute to the development of the accountancy profession in the Kingdom."
ICAEW will be collaborating with SOCPA to provide SOCPA members with full access to the resources and thought-leadership on international accounting, auditing and ethics created by its Audit & Assurance Faculty and ICAEW's Financial Reporting Faculty. The information will be available to subscribers via the SOCPA website.
Andrew Ratcliffe, Deputy President of ICAEW, said: "Transparent, accountable and well governed companies are the backbone of any sustainable economy. Maintaining ethics and high-quality reporting will strengthen the Kingdom's financial structure - encouraging inward investment and helping reduce market volatility. We are delighted to be working with SOCPA to help make our international insight relevant and accessible to the Saudi market.''
During his visit to the Kingdom, Ratcliffe also met with His Excellency Tawfiq Al-Rabiah, Minister of Commerce and Industry, Dr Abdulrahman Albarrak, Member of the Board of Commissioners at the Capital Market Authority and His Excellency Abdulaziz Bin Saleh Al-Furaih, Vice Governor at the Saudi Arabian Monetary Agency to discuss other options for cooperation to support the development of the accountancy profession in Saudi Arabia.
In May 2014, ICAEW and SOCPA signed an MoU agreeing to share their knowledge, improve professional and intellectual development and increase the number of Saudi members of accountancy bodies.
Media enquiries:Contact Jamie Douglass, ICAEW press office, on +44 (0)20 7920 8718 or email James.Douglass@icaew.com
Mutaz Albadri, Mojo PR, on +971 (0)50 570 6785 or email mutaz@mojo-me.com
Raw'a Al Shamaileh, Mojo PR, on +971 (0)55 155 5753 or email rawa@mojo-me.com
About ICAEW
ICAEW is a world leading professional membership organisation that promotes, develops and supports over 144,000 chartered accountants worldwide. We provide qualifications and professional development, share our knowledge, insight and technical expertise, and protect the quality and integrity of the accountancy and finance profession.
As leaders in accountancy, finance and business our members have the knowledge, skills and commitment to maintain the highest professional standards and integrity. Together we contribute to the success of individuals, organisations, communities and economies around the world.
Because of us, people can do business with confidence.
ICAEW is a founder member of Chartered Accountants Worldwide and the Global Accounting Alliance.
About SOCPA
SOCPA is the leading accountancy body in the Middle East region that is entrusted to promote the accounting and auditing profession and all matters related to the development of the profession and enhance its status in the Kingdom of Saudi Arabia.
© Press Release 2015
