The Institute of Chartered Accountants of England and Wales (ICAEW) has signed an agreement with the Saudi Organisation for Certified Public Accountants (SOCPA) to support international standards in Saudi Arabia.

At the signing on Sunday 19 April, the organisations pledged to develop and strengthen accountancy and finance professional standards in the country.

The agreement follows the signing of a memorandum of understanding (MoU) between the two bodies in May 2014, aimed at developing the kingdom’s profession.

ICAEW will grant SOCPA members access to the accounting, auditing and ethics resources contained in the institute’s audit and assurance and financial reporting faculties.

ICAEW deputy president Andrew Ratcliffe said the agreement would bring wider benefit to Saudi Arabia’s business environment.

"Transparent, accountable and well governed companies are the backbone of any sustainable economy," he explained, "Maintaining ethics and high-quality reporting will strengthen the Kingdom’s financial structure – encouraging inward investment and helping reduce market volatility."

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Co-signatory and SOCPA secretary general Ahmad Almeghames said they agreement may contribute to the development of the accountancy profession in the kingdom.

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