The Saudi Organization for Chartered and Professional Accountants (SOCPA) has issued an update to the guidebook that contains illustrative examples of various types of independent auditor reports prepared in accordance with the International Standards on Auditing and Review adopted in the Kingdom of Saudi Arabia.
The key changes made to the guidebook include:
• Amendments to align with the new Companies Law.
• Changing the phrase "Summary of Significant Accounting Policies" to "Material Information about Accounting Policies" to comply with updates to accounting standards that have come into effect.
• Stating in the auditor's report that the auditor informs those charged with governance of the actions taken to eliminate threats to independence or the safeguards applied, in accordance with the code of ethics.