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Status of Adoption – Saudi Arabia

Status of Adoption – Saudi Arabia. Reyaz Mihular , IESBA Member IESBA Meeting Madrid, Spain March 14-16 , 2016. EIOC – Adoption of the Code. The Standard Setter. Saudi Organization for Certified Public Accountants (SOCPA) SOCPA is a member of IFAC. EIOC – Adoption of the Code.

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Status of Adoption – Saudi Arabia

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  1. Status of Adoption – Saudi Arabia ReyazMihular, IESBA Member IESBA Meeting Madrid, Spain March 14-16, 2016

  2. EIOC – Adoption of the Code The Standard Setter • Saudi Organization for Certified Public Accountants (SOCPA) • SOCPA is a member of IFAC

  3. EIOC – Adoption of the Code Legal Form • The name of the Saudi independence code: • “SOCPA Code of Conduct and SOCPA Accountants regulations” • Effective from 02 October 1994

  4. EIOC – Adoption of the Code Level of Convergence • SOCPA has not adopted the IESBA Code, but has its own “Professional Code of Ethics” which is broadly in line with IESBA Code

  5. EIOC – Adoption of the Code Key Differences • Key differences between SOCPA and IESBA include: • Prohibition on provision of non-audit services to audit clients • Independence requirement in the Companies and establishments in which the practicing member is a partner or a relative within the fourth degree to one of the founders or to one of the Board of Directors’ members

  6. EIOC – Adoption of the Code Developments • No developments to local independence rules currently in process or proposed

  7. EIOC – Adoption of the Code Public Interest Entities • Concept of a PIE is not defined by the local laws or regulations or SOCPA

  8. EIOC – Adoption of the Code Questions

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