Financial experts in Saudi Arabia recently convened to discuss the critical need for accounting reforms aimed at bolstering investor trust and financial transparency. Hosted by the Institute of Chartered Accountants in England and Wales (ICAEW), this event underscored the importance of aligning the accountancy profession with the nation's ambitious goals outlined in Vision 2030. The discussions focused on enhancing accounting standards, ethical frameworks, and technological integration to support the country’s economic transformation.

Key Figures Gather to Discuss the Future of Accounting in Saudi Arabia

In a gathering marked by diverse perspectives, regulators, industry specialists, and academics assembled to explore the evolving role of the accountancy profession. Held in the vibrant context of Saudi Arabia's push towards a knowledge-based economy, the panelists delved into how robust accounting practices can foster investment and ensure long-term economic resilience.

Hanadi Khalife, head of ICAEW Middle East, emphasized that trustworthy financial reporting is crucial for attracting investments. She highlighted the institute's commitment to equipping professionals with the necessary skills and governance structures to support Vision 2030. Sami Mohammed AlShorafa, deputy supervisor of the Capital Market Authority (CMA), discussed the significance of audit oversight in maintaining market integrity. He noted improvements in audit regulation since 2016, pointing to the CMA's supervision of 16 registered audit firms and 50 registered audit partners.

The panel also stressed the importance of integrating ethical leadership into corporate culture and adapting to the expectations of younger professionals for more flexible career paths. It was agreed that accounting firms must not only comply with regulations but also prioritize ethical governance in their business strategies.

To achieve these objectives, the panel recommended improving audit quality, updating accounting education, and incorporating ethical governance into business practices. These measures aim to enhance investor confidence, attract international investment, and position Saudi Arabia's financial sector as a model of integrity and innovation.

From a journalist's perspective, this event underscores the pivotal role of accounting reforms in shaping Saudi Arabia's economic future. The emphasis on ethical practices and technological adaptation signals a forward-thinking approach that could set new standards for financial transparency and accountability. As the country continues its journey towards Vision 2030, these reforms will likely play a crucial role in building a resilient and globally competitive financial sector.