DIGITAL LABS

Multinational professional services companies are leveraging their international expertise to spearhead Saudi Arabia’s digitalization and privatization strategies.

Can you tell us about your setup and how you blend international expertise with the local market?

The Kingdom is developing greatly in all aspects as part of Vision 2030, and contributing to these developments through our events is our main goal. Also, we are expanding on a regional scale. We have offices in Riyadh, Beirut, Dubai, and London, and we recently opened a new one in Cairo. We are keen to organize more events in Egypt and contribute to the economic development efforts undertaken by the Egyptian government.

What role does SOCPA play in the new ecosystem for better governance?

We are working to help Saudi Arabia build a better supply of accounting professionals, namely more accountants who follow international accounting and auditing standards. We also want to make sure people who practice accounting in their private businesses are subject to quality checks, as well as confirmation of their certification and education. This is a new project that will be initiated in 2019. It requires all accountants in Saudi Arabia to register with SOCPA. We want Saudi accountants to be knowledgeable, professional, and certified by relevant authorities.

How do you compare Saudi Arabia in terms of local and global standards?

We work with international organizations such as the International Accounting Standards Board, the International Federation of Accountants, and the International Financial Reporting Standards (IFRS). We have a project to improve the quality of Saudi accounting firms so they can improve their quality, presence, and results. Notably, more than 120,000 non-Saudis are working as accountants in Saudi, and we are working with the Ministry of Labor to localize these positions. It will take time but we plan to put 20,000 Saudis in these positions by 2022.