
Institutional Restructuring Training Kit
A kit on managing organisational change and crises, diagnosing institutional failure, and the concepts, reasons and methods of administrative and financial restructuring.
Training Kit on External Audit
The board of directors of the Saudi Organization for Certified Public Accountants had previously, in 1433 AH (2012 CE), approved a plan to transition to international accounting and auditing standards, the implementation of which requires adopting an appropriate methodology for studying the international standards and considering the stages of implementation and the extent of the need to make any necessary amendments to them or to the current systems and instructions, so that these standards can be applied correctly.
When will the international standards be applied in the Kingdom?
According to the board's decision, the application of the full version of the international standards (IFRS) approved by the Organization will be effective from the beginning of 2017 CE, for entities listed on the financial market.
The Saudi Organization for Certified Public Accountants adopted the releases of the International Auditing and Assurance Standards Board concerning quality control and its management, after conducting a detailed study of these releases
This document includes the decisions to adopt the international releases
Approval of the Plan for Transitioning to International Standards
, the implementation of which requires adopting an appropriate methodology for studying the international standards and considering the stages of implementation and the extent of the need to make any necessary amendments to them or to the current systems and instructions, so that these standards can be applied correctly.
The approval of the plan came based on a recommendation from a steering committee formed by the board for this purpose, consisting of the Secretary-General of the Organization, the chairs of the accounting standards and auditing standards committees, their deputies, a representative of the Ministry of Finance, the Capital Market Authority, and the Saudi Arabian Monetary Agency, which in turn based its recommendations in this regard on the outcomes of the studies and recommendations made by the accounting standards and auditing standards committees at the Organization.
The plan was implemented in four phases, each phase including a set of related standards for the purpose of studying and discussing them with stakeholders, and then adopting them according to the implementation procedures approved in the transition plan for adopting each international standard.
Detailed Decisions for the Adoption of the Standards
International Standard on Quality Control (1)
Quality control for firms that perform audits and reviews of financial statements, other assurance engagements, and related services engagements:
The Saudi Organization for Certified Public Accountants adopted International Standard on Quality Control (1),
as issued by the International Auditing and Assurance Standards Board, taking into account the general amendments previously explained.
Certified public accountants, audit firm staff, and those interested in international auditing standards.
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