MOU between The Saudi Organization for Certified Public Accountants (SOCPA) and Emirates Accountants and Auditors Association (AAA)

The SOCPA signed an MoU with the AAA during an accountancy-related forum conducted in Riyadh, which ended on February 2, 2020. The forum in question is popularly known as SAF and it represents a unique opportunity for accountancy firms, regulatory and professional bodies, commercial and public sector organizations to completely understand the role of the auditing and accounting profession in realizing the Vision 2030 of Saudi Arabia.

Both the parties signed the memorandum before Dr. Majid bin Abdullah Al Qasabi, the Chairman of SOCPA, and Riyad Abdul Rahman Al Mubarak, President of the AAA.

The aim of the Memorandum is to allow both the institutions to share experiences, including controlling the quality of accounting work, developing accounting standards, professional development, and training, fellowship testing, jointly conducting training courses and forums, exchanging training experience and trainers, and issuing fellowship certificates.

On the signing of this memorandum, the representatives of AAA said that we as an organization are glad to sign this memorandum with SOCPA. This memorandum is part of AAA’s strategic plan which is aimed towards developing the profession of accountancy in the UAE, and also strengthening AAA’s work by collaborating with local and international bodies/institutions and organizations that are concerned about the accountancy profession in order to keep itself updated with the economic development happening in the UAE and the rest of the region.

It is important to mention that the SAF provides a platform for accounting firms, supervisory and regulatory bodies, professional accountancy bodies, the commercial and public sector establishments to establish that the profession of accountancy can contribute significantly towards achieving Saudi Arabia’s 2030 vision.

The forum receives participation from different accounting bodies and experts and those that are interested in the future of the accountancy field both within and outside the UAE. The forum also plays an important role in helping Saudi Arabia by further strengthening different elements of its economy as well as increasing investment opportunities and their attractiveness within Saudi Arabia.

The SAF has around 8 participants and 47 local and international experts and speakers. All the participants, experts, and speakers review opportunities available for investment and the future aspirations that are connected to the accountancy profession