Finance leaders in Saudi Arabia discussed the need for accounting reforms to augment investor trust and financial transparency at an event hosted by the Institute of Chartered Accountants in England and Wales (ICAEW).
These reforms are in support of Saudi Arabia’s Vision 2030.
The panel discussion brought together regulators, industry specialists, and academics to deliberate on the accountancy profession’s changing role.
The conversation centred on how enhanced accounting standards, ethical frameworks, and technological adaptation could keep the profession aligned with the country’s progress.
ICAEW Middle East head Hanadi Khalife said: “Saudi Arabia’s transition to a knowledge-based economy depends on trust in financial reporting. Ethical, transparent accounting practices are essential for attracting investment and ensuring long-term economic resilience.
“ICAEW remains committed to equipping accountants in the Kingdom with the skills and governance structures needed to support Vision 2030’s ambitions.”
Capital Market Authority (CMA) supervision deputy Sami Mohammed AlShorafa stressed the importance of audit oversight in maintaining market integrity.
He referred to the CMA’s oversight reforms initiated in 2016, which are claimed to have led to improvements in audit regulation.
Currently, there are 16 registered audit firms and 50 registered audit partners under CMA supervision, which have strengthened the examination of audit quality, fees, and compliance.
AlShorafa also noted that firms with ‘strong’ technical teams tend to deliver higher audit quality, highlighting the importance of technical partner reviews in ensuring stringent financial scrutiny.
The consensus among panel members was that accounting firms should not only comply with regulations but also integrate ethical leadership into their corporate culture.
They also acknowledged the expectations of younger professionals for more flexible career paths without compromising professional standards.
To maintain the accounting profession as a cornerstone of economic confidence, the panel emphasised the necessity of improving audit quality, updating accounting education, and incorporating ethical governance into business strategies.
By implementing these measures, Saudi Arabia aims to enhance investor confidence, attract international investment, and establish its financial sector as a benchmark for integrity and innovation.
