Saudi Arabia has ranked first among the G20 countries covered by the Auditing and Accounting Practices Index, reflecting the quality of professional practices in the Saudi business environment and the progress of the accounting sector.
Over the past decade, the auditing and accounting profession in the Kingdom has undergone significant transformations in line with Saudi Vision 2030. These changes have covered legislation, professional standards, skills development, and oversight of performance quality, helping strengthen confidence in financial statements and reports.
In June, the Saudi Organization for Chartered and Professional Accountants (SOCPA) announced that the Kingdom had advanced to ninth place globally among the countries and economies covered by the Auditing and Accounting Practices Index. The index is part of the World Competitiveness Yearbook 2026, issued by the International Institute for Management Development (IMD). Saudi Arabia was preceded by Denmark, Ireland, Taiwan, Austria, Iceland, Switzerland, Singapore, and Hong Kong.
Saudi Arabia’s accounting sector has undergone more than 300 reforms covering legal, procedural, and professional aspects. These reforms have strengthened the profession’s preventive role, protected financial transactions, improved their efficiency, and enhanced disclosure quality in line with expanding investments and diversifying economic activities.
SOCPA CEO Dr. Ahmad Al-Meghames said that high-quality auditing and accounting practices enhance confidence in financial statements, which investors rely on to assess opportunities, financiers use to evaluate risks, and businesses use to make decisions. He emphasized that developing the profession supports the national economy and enhances the attractiveness of the business environment.
Al-Meghames noted that the organization’s strategy for 2026–2030 will build on these achievements by enhancing practice quality and professional compliance, developing services, making the profession more attractive, and expanding international recognition of its professional membership. These efforts will reinforce confidence in the accounting sector’s outputs and strengthen its contribution to the national economy.
Source: Riyadh Daily