The Saudi Organization of Auditors and Accountants has started to regulate the profession of accounting services so that its role is limited to preparing reports and planning budgets and designing financial control systems, without extending to audit work or zakat, income tax and value added services.
The authority is currently putting its touches on the regulation, which includes creating a register in the authority that contains the licensee’s name and identity number, the data of the licenses previously issued to him, and the name of the office or company through which the licensee practices the profession.
The authority specified the scope of the profession in providing everything related to the proof, measurement and recording of financial information, and doing everything necessary to prepare reports of all kinds, whether for internal purposes of the facility or for external purposes, preparing planning budgets, analyzing deviations and designing financial control systems, and the scope of the profession does not include providing audit or audit services. Other assurances and related services regulated by auditing standards, zakat services, income tax or value added tax services.
To obtain the license, the applicant must be a Saudi national, be fully qualified, hold a university degree – a bachelor’s degree – or any higher qualification in accounting or any other specialization in one of the administrative sciences or its branches, provided that the license applicant has completed ( Twenty-one) hours in accounting or its branches, or what the authority deems equivalent to it.
It is also required that he pass the professional examinations determined by the Authority and that he be registered in the professional membership of the Authority, and that he has practical experience of no less than one year in accounting work. and date thereof, and the license shall be valid for a period of (three) years.
The licensee, whether he works through a sole proprietorship or a professional company, shall provide the Authority annually, within a period not exceeding (120) days from the end of the office’s fiscal year, with any information and data that would enable it to monitor the quality of professional practice.
It is required to keep the office’s work papers and copies of the reports it prepares and keep them by the necessary means of preservation determined by the authority for a period of no less than (ten) years from the date of preparing the report and to practice work and sign the reports by himself, and no other person may be delegated to sign.
The licensee must also abide by the type and number of clients to whom accounting services are provided annually, as determined by the Authority, and penalties in case of violation – warning. Suspension from work for a period not exceeding one year and cancellation of the license.