SOCPA Adopts a Set of Regulations and Policies as Part of its Push for More Governance
SOCPA continued to govern its work and institutionalize the accounting work after the Board of Directors approved a set of regulations and specialized policies that will ultimately lead to higher quality and performance.
The Board approved the SOCPA's Terms of Reference, the Conflict-of-Interest Policy, the Advisory Board's Regulations, the Board of Directors Regulations, the Education and Training Committee Regulation, the Professional Ethics Committee regulation, the Professional Performance Quality Control Board Regulation, and the Accounting Standards Board regulation.
SOCPA's Terms of Reference include the definition of the powers vested in or delegated by the board of directors, the powers of the president, councils, professional committees, and executive management, and any committee, council, and functions mentioned in this document.
By approving the Conflict-of-Interest Policy, SOCPA aims to protect its reputation and those working for it from any form of negative conflict of interest that may arise due to non-disclosure. It also hopes to enhance trust between SOCPA and all stakeholders, determine the necessary rules to ensure that any conflict of interest is avoided among the members of the board of Directors, Committees emanating from the board, professional councils and committees, and employees of the SOCPA.
SOCPA has also worked on approving the Education and Training Committee Regulation to define the framework of the committee, including its formation, objectives, tasks, functions of the chairman and members and Secretary, as well as the procedures for reviewing, developing, and approving the rules of vocational education and training.
As for the Professional Ethics Committee regulation, SOCPA aims by approving the regulation to determine the framework of the committee, its formation, objectives, tasks, as well as the functions of the chairman and members and the Secretary, and determine the procedures for reviewing, developing, and adopting the International Code of Ethics for Professional Accountants, responding to inquiries, and approving treatments for topics not addressed by international rules.
SOCPA stated in the Professional Performance Quality Control Board Regulation that the objective of the board is to ensure the compliance of Chartered Accountants, those licensed to provide Zakat and tax accounting services, and those licensed to provide accounting services in accordance with the law, accounting and auditing standards, professional standards, rules, and programs issued by SOCPA.
It also stated that goal of the Accounting Standards Board regulation is to establish the board's framework including the board's formation, its objectives, responsibilities, and the responsibilities of the chairman, members, and secretary. The regulation also covers determining audit procedures, approving accounting and IFRS standards, responding to inquiries, and approving treatments for topics not addressed by international rules.
It is worth mentioning that SOCPA, as part of its efforts to govern its work and outputs, and raise professional competence, has begun to apply the international Code of Ethics to enhance the quality of the practices of the accounting and auditing profession in the Kingdom, and ensure its consistency with international practices. This step comes as part of SOCPA's transformation plan to a set of international standards, which includes Standards of accounting and Auditing, Quality Control, and ethics.