SOCPA is an abbreviation of the Saudi Authority of Chartered and Professional Accountants and is part of Vision 2030, as it is a unique blueprint for the reform of Saudi Arabia, it opens the Kingdom's doors to the outside world. To learn more about the Saudi Authority of Chartered Accountants SOCPA fellowship and the mechanism for obtaining it, read on.
What is SOCPA?
The Saudi Authority of Chartered and Professional Accountants (SOCPA) is a leading professional body that oversees the accounting and auditing profession in Saudi Arabia, including developing professional standards and ethics for accountants, conducting tests to certify individuals as public accountants, and ensuring compliance with accounting and auditing standards.
The start of the establishment of the Saudi Authority of Chartered Accountants (SOCPA)
The Saudi Authority of Chartered Accountants SOCPA was established in 1992 as a mandatory organic organization of chartered accountants (CPAs) in accordance with the CPA Act No. M12 of 1991 to regulate professional accountants, subject to the control of the Ministry of Commerce, and the Saudi Authority of Chartered Accountants (SOCPA) is responsible for:
- Development of accounting and auditing standards
- Identifying ethical requirements
- Management of professional examinations and provision of ongoing professional development programs
- Approve CPA offices that can offer training to candidates wishing to meet certificate requirements.
- Establish and operate a quality assurance review system.
- To investigate and discipline members of the profession by a committee established by the Ministry of Commerce and comprising a representative of the Saudi Authority of Chartered Accountants (SOCPA).
Objectives of the Saudi Authority of Chartered Accountants SOCPA
SOCPA aimsTo improve the practice of the profession and contribute to its development with quality control of its performance. It also aims to:
Increased awareness and support
The Saudi Authority of Chartered Accountants SOCPA works to raise awareness of the rules governing practice and promote the participation of the profession in the service of society and the national economy and also work tirelessly to support other business-related individuals, institutions and groups to promote trust, Increased transparency in financial statements and protection of users and investors alike SOCPA plays a critical role in applying ethical standards in the accounting profession, ensuring integrity, professionalism and accountability.
Upgrading the accounting profession
The Saudi Authority of Chartered Accountants SOCPA strives to enhance the skills and knowledge of accountants through continuous education and training opportunities, and to promote professional development. The Saudi Authority of Chartered Accountants SOCPA offers numerous training courses and workshops aimed at developing the professional knowledge and skills of its members, and also provides membership in the Saudi Authority of Chartered Accountants (SOCPA) is an opportunity to communicate and collaborate with accountants and auditors from all over the Kingdom.
Obligations of the Saudi Authority of Chartered Accountants SOCPA
The Ministry of Commerce of Saudi Arabia oversees the Saudi Agency of Chartered Accountants SOCPA. The Saudi Authority of Chartered Accountants SOCPA is committed to:
- Developing and maintaining accounting and auditing standards
- Meeting ethical requirements
- Providing high quality education
- Meet comprehensive occupational examination criteria
- Approval in addition to CPA Training Department for interested candidates
- Establishment of a systematic quality assurance audit system for chartered accountants
- Access to online applications and educational resources.
- Organization and development of legal accounting in the Kingdom
Compulsory registration in SOCPA
A range of professions have been made that are obliged to be members of the Saudi Authority of Chartered Accountants (SOCPA) within the Kingdom. These include:
- Cost Clerk and Accountant
- Director of Internal Audit
- Public Accountant
- Financial Clerk
- Internal references
- Zakat and Tax Manager
- Managers
- Director of Finance
- Financial Auditor
- Audit clerks
- Financial observers
- Head of Internal Audit Programmes
- General Accounts Technician
- Auditor
- Director of Financial Reports
What certificates are recognized by SOCPA?
The list of certificates recognized by the Saudi Authority of Chartered Accountants SOCPA is as follows:
- Bachelor's degree in accounting
- Master's Accounting
- Secondary Accounting Diploma
- Certificate of appreciation issued by the Saudi Authority of Chartered Accountants
- Any bachelor's degree with at least 15 credits in accounting, as anyone with less than 15 credits can arrange attendance for tests
- A professional accounting certificate from an IFAC certified body, for example, CPA from the USA, CICA CA from Australia and New Zealand ICAEW, ACCA, ICAP, ICMA from Pakistan, and CMA from the USA, however, these degrees or certificates must be certified by the Saudi embassy.
Registration process in the Saudi Authority of Chartered Accountants SOCPA and required documents
The registration process with the Saudi Authority of Chartered Accountants (SOCPA) requires some basic steps and the submission of a set of documents, but it is always recommended to visit the official website of the Saudi Authority of Chartered Accountants (SOCPA) to obtain the latest information and updated requirements, given that there are possible differences based on changes in policies and procedures.
The basic steps for registration are usually the Saudi Commission of Chartered Accountants (SOCPA):
1. Visit the Saudi Authority of Chartered Accountants website SOCPA to start the registration process.
2. Complete the online application form, which requires providing basic information about yourself including your name, address, contact information, education details and work experience.
3. Submit and send a set of documents to support your application, which may include:
- A copy of a bachelor's degree in accounting or related field.
- A copy of certificates or other accounting training courses, if any.
- A CV showing your work experience in the field.
- A copy of the identity card or passport.
- Modern selfie.
4. Payment of registration fees after completing the application and submitting the required documents.
5. Confirmation of payment via an email you receive, your application will be reviewed and you will receive notice of acceptance or rejection.
Conclusion:
The Saudi Authority of Chartered Accountants SOCPA is concerned with accounting and auditing. Its main objective is to regulate the accounting and auditing profession in the Kingdom and maintain high levels of professional practice.
Other topics:
References:
1. << Saudi Authority for Auditors and Accountants > >, socpa.
2. < < Registration of Foreign Accounting Practitioners with the Saudi Authority of Chartered Accountants > >, hrsd
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