The application of international standards for the independence of the auditor next year

The Board of Directors of the Saudi Organization of Auditors and Accountants has approved a document of conduct and ethics for the international profession, in line with the regulatory environment in the Kingdom, provided that its implementation will start in the middle of next year in order to support the independence of the auditor. The Secretary-General of the Saudi Organization of Auditors and Accountants, Dr. Ahmed Al-Maghamis, emphasized the importance of this transformation, which constitutes a qualitative leap in the direction of enhancing the quality of the practices of the accounting and auditing profession and its consistency with international practices. Through this, the authority seeks to enhance the confidence of users of financial statements, achieve international linkage, support the foundations for attracting foreign investments, and enhance transparency and reliability of financial transactions. And he indicated that the scope of application of these rules includes all practitioners of the profession of accounting and auditing, whether they are certified accountants or working in the private and public sectors, indicating that the maximum date for application is the middle of the next year (2022 AD).

For his part, a member of the Ethics and Ethics Committee and the head of the work team, Ahmed Al-Shanqeeti, indicated that the committee approved the translation of the latest version of the international rules (the 2018 version), taking into account similar terminology and used in other relevant technical standards.

In his turn, the advisor of the working team, Dr. Yasser Fallata, explained the importance of what was mentioned in the accreditation document of a reference framework for the ethics of the profession based on the tolerant Islamic Sharia, as well as the important specific amendments to what was mentioned in the international rules according to what the authority considered, which is mainly related to the prevention of collection for the provision of non-assured services To the audit client, and to allow the auditor to provide other assurance services to the audit client according to an approved list (white list) that is prepared and updated by the authority on a regular basis, in order to enhance the independence of the auditor.

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