Riyadh: The International Federation of Accountants (IFAC) has issued a report highlighting the Saudi Organization for Chartered and Professional Accountants (SOCPA) initiative to make its fellowship available to professionals worldwide. IFAC described this move as a fundamental shift in the international accounting profession and a reflection of Saudi Arabia's leadership in professional development and economic growth.
According to Saudi Press Agency, the SOCPA fellowship is a strategic tool for increasing the number of qualified accountants in the Kingdom, which will help achieve the goals of Saudi Vision 2030. It also serves as a pioneering model for professional organizations globally by promoting cooperation and professional mobility in a way that aligns with international best practices.
IFAC noted that the Saudi experience is an inspiring example of how professional standards can be maintained while expanding membership and attracting global talent. This strengthens Saudi Arabia's position as a regional and international hub for accounting and auditing. The benefits of this initiative extend beyond the accounting profession, as a larger base of qualified accountants will increase investor confidence, support the effectiveness of financial markets, enhance governance and transparency, enable companies to grow and attract investment, align with international standards and future transformations, and boost innovation and sustainability efforts.
The report concluded that the SOCPA initiative has set a new standard for advanced and globally open professional regulation. IFAC called on other professional organizations to use this initiative as a model to create a stronger, more connected, and better-prepared accounting profession worldwide.