Closing of the IFAC Connect Forum in Riyadh
The International Federation of Accountants (IFAC) Connect Forum concluded today in Riyadh. Organized by the Saudi Organization for Chartered and Professional Accountants (SOCPA) under the theme “Leading Transformation and Innovation: Global Priorities,” the event brought together more than 800 experts and specialists and 160 leaders from around the world.
In his opening remarks at the IFAC Conference, held on the sidelines of the forum, Dr. Ahmad Al-Mughamis, CEO of SOCPA, stressed that hosting this global event sends a clear message about the pivotal role of Saudi Arabia’s accounting sector in shaping the future of the profession. He described it as a strong testament to its commitment to best practices and professional innovation.
He added that the forum reflects the ambitions of Saudi Vision 2030, which has inspired talent, fueled ambition, and driven efforts to achieve a prosperous, diversified economy and sustainable growth, under the leadership of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Royal Highness Prince Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud.
Dr. Al-Mughamis expressed his pride in IFAC’s announcement that Saudi Arabia is the only country in the Middle East to fully adopt international standards, and among a small number of nations worldwide that have met all membership requirements.
He also announced the Kingdom’s new initiative to establish the Accounting and Auditing Knowledge Center for the Middle East and North Africa, headquartered in Riyadh. The center will serve as a regional platform for collaboration, a gateway for knowledge exchange, and a laboratory for innovation in service of the profession.
The center will work with professional and regulatory bodies across the region to translate and consolidate international standards, support decision-makers with studies and research, provide advanced training programs, and offer a digital platform for sharing knowledge and best practices.
The conference featured four sessions covering The Impact of AI and Emerging Technologies, Future of Corporate Sustainability Reporting Ecosystem, Building for the Future - Assurance, Ethics and Governance, and Key Drivers for the Future of the Accountancy Profession.
In the session on The Impact of AI and Emerging Technologies, participants stressed the importance of quality assurance departments in ensuring responsible use of AI in auditing and review processes. They also highlighted AI’s potential to support business growth and offset workforce shortages, while noting that despite the diversity of AI regulations worldwide, there is still a need for a unified global framework to establish ethical principles for its use.
In the Future of Corporate Sustainability Reporting Ecosystem session, speakers noted a 40% increase in corporate sustainability disclosures in recent years. They emphasized that consultation and coordination with companies, institutions, and business associations is essential to the ongoing development of the accounting sector. They also highlighted the leading sustainability initiatives launched under Saudi Vision 2030, which have become a key driver in shaping the future of the Middle East.
In the session on Building for the Future - Assurance, Ethics and Governance, participants highlighted that educational institutions and curricula must keep pace with the rapid transformation in accounting, and that international standards cannot be adopted without first considering national standards.
In the session on Key Drivers for the Future of the Accountancy Profession, participants highlighted that traditional accounting approaches are fading, making it vital to develop professional skills and focus regulatory efforts on stakeholder needs and emerging opportunities.
Over the course of three days, the IFAC Connect Forum explored the future of the accounting profession and the means of enhancing its practitioners, while providing insights into global shifts, the role of technology and AI in advancing tools and standards, the future of corporate sustainability reporting, and the importance of ethics and governance in a rapidly evolving business environment.
The forum comes as part of SOCPA’s ongoing efforts to strengthen its position as a global hub for professional knowledge, to support the adoption of international standards, and to enhance transparency and the quality of financial reporting—aligned with the ambitions of Saudi Vision 2030.