Saudi Arabia ranks first among G20 countries in quality of auditing, accounting practices
RIYADH — Saudi Arabia ranked first among the G20 countries covered by the Auditing and Accounting Practices Index, reflecting the quality of professional practices in the Saudi business environment and the progress of the accounting sector.Over the past decade, the auditing and accounting profession in the Kingdom has undergone significant transformations in line with Saudi Vision 2030. These…
Saudi Arabia claims the top spot among the G20 countries for the quality of its auditing and accounting practices, according to the Auditing and Accounting Practices Index. This ranking underscores the robustness of professional practices within the Saudi business landscape and the sector's growth. In recent years, the profession in the Kingdom has experienced substantial changes, aligning with Vision 2030, which encompasses legislative reforms, professional standards, skill enhancement, and performance oversight, ultimately boosting trust in financial statements and reports.
In June, the Saudi Organization for Chartered and Professional Accountants (SOCPA) reported that the Kingdom had risen to ninth globally in the Auditing and Accounting Practices Index. Countries and economies ahead of Saudi Arabia in the index included Denmark, Ireland, Taiwan, Austria, Iceland, Switzerland, Singapore, and Hong Kong.
The Kingdom's accounting sector has undergone over 300 comprehensive reforms, covering legal, procedural, and professional domains. These reforms have bolstered the profession's preventive role, safeguarded financial transactions, enhanced efficiency, and improved disclosure quality, all while accommodating increased investments and diverse economic activities.
Dr. Ahmad Al-Meghames, the CEO of SOCPA, stated that high-quality auditing and accounting practices bolster confidence in financial statements, which investors depend on to evaluate opportunities, financiers utilize to assess risks, and businesses leverage for decision-making. He emphasized that advancing the profession supports the national economy and elevates the appeal of the business environment.
Al-Meghames also noted that SOCPA's strategy for 2026–2030 will build upon these accomplishments by enhancing practice quality and compliance, expanding services, making the profession more appealing, and bolstering the international recognition of its professional membership. These initiatives aim to reinforce confidence in the accounting sector's outputs and amplify its contribution to the national economy.
Written by urgent.news from Saudi Gazette's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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