Riyadh:Saudi Arabia has achieved the top ranking among G20 countries in the Auditing and Accounting Practices Index, highlighting the quality of professional practices within the Saudi business environment and the progress of the accounting sector.
According to Saudi Press Agency, the Kingdom's auditing and accounting profession has undergone significant transformations over the past decade, in alignment with Saudi Vision 2030. These changes encompass legislation, professional standards, skills development, and oversight of performance quality, thereby enhancing confidence in financial statements and reports.
In June, the Saudi Organization for Chartered and Professional Accountants (SOCPA) announced that Saudi Arabia had advanced to ninth place globally on the Auditing and Accounting Practices Index. This index is part of the World Competitiveness Yearbook 2026, issued by the International Institute for Management Development (IMD), with the Kingdom ranking behind Denmark, Ireland, Taiwan, Austria, Iceland, Switzerland, Singapore, and Hong Kong.
Saudi Arabia's accounting sector has seen over 300 reforms addressing legal, procedural, and professional aspects. These reforms have bolstered the profession's preventive role, safeguarded financial transactions, improved efficiency, and enhanced disclosure quality to align with expanding investments and diversifying economic activities.
SOCPA CEO Dr. Ahmad Al-Meghames stated that high-quality auditing and accounting practices bolster confidence in financial statements, which are crucial for investors, financiers, and businesses in making informed decisions. He highlighted that developing the profession supports the national economy and enhances the attractiveness of the business environment.
Dr. Al-Meghames also noted that the strategy for 2026-2030 will build on these achievements by improving practice quality and professional compliance, developing services, making the profession more appealing, and expanding international recognition of its professional membership. These efforts aim to fortify confidence in the accounting sector's outputs and enhance its contribution to the national economy.