2024 - SOCPA

20 Nov 2024

SOCPA Shares Its View on Guarantees Issued on Obligations of Other Entities

The IFRS Interpretations Committee has published a tentative agenda decision regarding how entities should account for guarantees issued on obligations of other entities, seeking public comment on the matter. In its response, SOCPA highlighted that the lack of clear guidance stems from undefined terms - specifically what constitutes a "guarantee" and a "debt instrument." This ambiguity creates significant room for interpretation when applying various standards ba...

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19 Nov 2024

SOCPA Releases Guidance Manual for the Implementation of ISQM 1

The Saudi Organization for Chartered and Professional Accountants (SOCPA) has issued a guidance manual for implementing the International Standard on Quality Management 1 (ISQM 1). The new manual provides practical assistance to firms implementing ISQM 1, focusing on quality management systems for financial audits, reviews, and assurance services. This initiative is part of SOCPA's broader strategy to enhance professional standards in accounting and auditing practices across the Ki...

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18 Nov 2024

SOCPA Hosts IAASB Chair

SOCPA hosted the International Auditing and Assurance Standards Board (IAASB) Chair Tom Seidenstein and IAASB Member Sami Al-Shurafa on Sunday, November 17, 2024. Several members of SOCPA's Auditing and Accounting Standards Boards participated in the meeting. The discussions covered updates on international standards currently under development by the Board, including the International Standard on Sustainability Assurance 5000 (ISSA 5000), projects to update International Standards...

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12 Nov 2024

SOCPA Decides Against Adopting the International Standard on Auditing for Audits of Less Complex Entities in Saudi ...

OCPA's Audit Standards Board has completed its review of a new international auditing standard designed for less complex entities. The standard, known as ISA for LCE, was released by the International Auditing and Assurance Standards Board (IAASB) in December 2023 as an optional standalone standard that local authorities could choose to adopt. After conducting a detailed study, the Board identified several potential risks associated with adopting the standard in Saudi Arabia. These...

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06 Nov 2024

SOCPA CEO Joins IFAC Board

The International Federation of Accountants (IFAC) General Assembly has appointed Dr. Ahmed bin Abdullah Almeghames, CEO of the Saudi Organization for Chartered and Professional Accountants (SOCPA), to serve on its board for a three-year term. The appointment underscores Saudi Arabia's growing international influence and recognizes its ongoing commitment to advancing the accounting and auditing profession, fostering professional collaboration, and promoting global knowledge exchang...

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04 Nov 2024

SOCPA Named to Prestigious International Accounting Standards Advisory Forum

The Saudi Organization for Chartered and Professional Accountants (SOCPA) has been selected as one of only 14 professional bodies worldwide to join the newly formed Advisory Forum for Accounting Standards, as announced by the IFRS Foundation Trustees, who oversee the International Accounting Standards Board (IASB). This high-level forum is tasked with providing critical technical guidance to the IASB on the development and updating of international accounting standards and is chaire...

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