SOCPA's General Assembly sets new rules for members elections
SOCPA's General Assembly convened on Wednesday 23/6/2021 via a remote online video session. The session was chaired by Mr. Abdulmohsen Al Fares, member of the Board of Directors and in the presence of other members of the Board of Directors and the General Assembly.
The meeting started with a speech by Mr. Al-Fares in which he welcomed the members and commended the efforts of the General Secretariat during 2020. The CEO of the organization, Dr. Ahmed Al-Meghames, followed Mr. Al-Fares with a review of SOCPA's achievements for 2020 and the organization’s future strategic direction towards raising the quality of professional performance. The session's agendas also included approving financial statements of 2020, Board of Directors’ report for the year 2020, the appointment of the organization’s accounts auditor for the year 2022 and specifying his bonus, in addition to the adoption of new the rules for full members elections to SOCPA's Board of Directors in accordance with the new regulation.
It is worth mentioning that the new Accounting and Auditing Professions Law, which was recently approved by the Council of Ministers of Saudi Arabia, came as a response to the development in the business environment in the kingdom, the growing number of companies, and the high volume of investments. These factors necessitated amendments to the regulations and legislations to keep pace with the remarkable development in the field and contribute to increasing the number of accountants as well as help regulate the accounting and auditing related professions especially for Small & Medium Size Entities, In addition to providing non-practitioners with the opportunity to be members of the board of Directors of SOCPA.