Riyadh - Sharikat Mubasher: Saudi Arabia’s finance leaders, regulators, industry experts, and academics participated in a panel hosted by the Institute of Chartered Accountants in England and Wales (ICAEW) at the Financial Academy in Riyadh where they discussed the evolving role of the accountancy profession in maintaining investor trust and financial transparency.
During the panel, finance leaders called for enhanced reforms in the accounting profession to strengthen audit oversight, ethical leadership, and workforce development, as stated in a recent press release.
The discussion focused on how stronger accounting standards, ethical frameworks, and technological adaptation can ensure the profession keeps pace with the Kingdom’s rapid evolution.
Sami AlShorafa, Supervision Deputy at the Capital Market Authority (CMA), emphasized the need for better alignment between auditors and investors, highlighting CMA’s oversight reforms. He also observed that firms with strong technical teams consistently deliver superior audit quality, citing the value of technical partner reviews in upholding rigorous financial scrutiny.
For his part, Mohammad Taha, Partner at KPMG Professional Services Company, highlighted the disconnect between ethical policies and their real-world application. “Ethical leadership starts with individuals demonstrating ethical behavior and the ability to call out unethical practices. Leaders must establish an appropriate culture within firms that prioritizes public interest and investor needs,” he said.
Meanwhile, Hanadi Khalife, Head of ICAEW Middle East, commented: “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."
Moreover, the panel affirmed the importance of enhancing audit quality, modernizing accounting education, and integrating ethical governance into business strategy.
