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Adoption of Quality Oversight Standards for Accounting Offices

11 Sep 1994
JEDDAH – The Board of Directors of the Saudi Bureau of Certified Accountants, under the chairmanship of Dr. Suleiman Alsalim, Minister of Trade and Chairman of the Bureau, agreed to adopt quality oversight standards for the accounting office, as a guide that accounting offices in general can refer to when developing relevant quality oversight.
 
The “Ukaz Aliktisadi” was told this by Mr. Yousef Mohammed Almubarak, the Secretary-General for the Saudi Bureau of Certified Accountants. He said that these standards include two sections; the first of which includes a definition for quality oversight standards, their objective and the scope of accounting services and auditing, whereas the second includes a statement of the objectives of quality oversight standards and the responsibility of adhering to them while also including a clarification of these standards and their elements. Some of these elements are independence, abiding by the ethics and behaviours of the profession, consultancy, development and training of employees, evaluation of employees’ performance and their promotion, acceptance of clients and continuing the relationship with them.
 
The committee to monitor the quality of professional performance is following up on the extent to which certified accountants are using quality oversight standards as a guide, and receiving their comments and suggestions. It will then study these, and prepare a report that will result in the application of these standards, and suggestions to revise and improve it. This will occur within a timeframe of two months after this decision has been implemented for a period of two years. 
 
The standards are considered the foundation that the program for monitoring accountants’ performance is based on. The program is used to ensure their adherence of certified accountants to the system regulations, the standards of accounting and auditing, and the standards and professional rules issued by the bureau and other vocational instructions issued by specialized parties.
 
This step is a part of the efforts by the Saudi Bureau of Certified Accountants to advance the accounting and auditing professions.
 

It is expected that the program for monitoring the performance of accountants will be released soon after it is studied.