Jeddah: The International Federation of Accountants (IFAC) stated that Saudi Arabia is the only country in the Middle East to have fully adopted international standards in accounting, auditing, and professional ethics and conduct. It also ranks among a select group of countries worldwide that meet all membership requirements.
According to Saudi Press Agency, the announcement came on the opening day of IFAC Connect, hosted for the first time in Riyadh, with broad participation from professional bodies and regulatory authorities across the Middle East and North Africa (MENA).
In his opening remarks, Saudi Organization for Chartered and Professional Accountants (SOCPA) chief executive Dr. Ahmad Almeghames stressed that this achievement was made possible with the support of the Kingdom's leadership and the concerted efforts of national institutions. He emphasized the firm belief that the accountancy profession is a cornerstone of transparency, governance, and sustainable development, contributing to the realization of Saudi Vision 2030 goals.
IFAC Connect provides an unprecedented platform bringing together IFAC, international standard-setting boards, regulators, and professional organizations from around the world, Almeghames noted. It facilitates direct exchanges on challenges and proposals, paving the way for collaboration that enhances the value the profession delivers to all stakeholders.
In one session, IFAC Connect gathered regional professional and regulatory bodies with more than 80 experts. Discussions covered IFAC's role in supporting professional organizations and encouraging the adoption of international standards. The meeting also highlighted a dedicated MENA report, outlining the key challenges facing the profession and opportunities to strengthen regional cooperation in addressing them.