RIYADH —The Saudi Organization for Certified Public Accountants (SOCPA) has referred seven individuals and entities to the Public Prosecution since the beginning of this year for their suspected involvement in various types of offenses. This was after initial monitoring and investigation procedures revealed that they committed offenses falling under the crimes stipulated in Article 10 of the Accounting and Auditing Profession Law. The SOCPA warned that falsifying or providing misleading information is punishable by a maximum jail term of five years and fine of up to SR2 million. It emphasized the responsibility of certified public accountants for the financial reports and information they certify. The organization stressed that a certified public accountant’s certification of financial reports that they, or those working under their supervision, have not audited constitutes a crime stipulated in Article 10 of the Accounting and Auditing Profession Law. Anyone who commits one or more of these offenses is subject to imprisonment for a period not exceeding five years and/or a fine of up to SR2 million, without prejudice to any other penalties stipulated under other laws. The article also criminalizes the following offenses such as providing false information or forged certificates to obtain a license; misleading the public in any way regarding the right to practice the profession; a certified public accountant providing false information or concealing information that must be disclosed while being aware of it; certifying a report that is contrary to the truth or contains untrue facts in a document that must be issued by law or pursuant to the requirements of practicing the profession; disclosing the secrets of the entity to which they provide services; providing false information about the qualifications and experience of their employees; or contributing to the provision of such information. Dr. Ahmed Al-Mughamis, CEO of SOCPA, said: “The reliability of financial reports is a fundamental element of financial health and the protection of entities, beneficiaries, and users of financial statements.” He emphasized that the integration of the authority’s roles within the accounting and auditing system with regulatory and judicial bodies contributes to enhancing compliance and curbing irregular practices, thereby strengthening the integrity of financial information and the quality of professional services.RIYADH —The Saudi Organization for Certified Public Accountants (SOCPA) has referred seven individuals and entities to the Public Prosecution since the beginning of this year for their suspected involvement in various types of offenses. This was after initial monitoring and investigation procedures revealed that they committed offenses falling under the crimes stipulated in Article 10 of the Accounting and Auditing Profession Law. The SOCPA warned that falsifying or providing misleading information is punishable by a maximum jail term of five years and fine of up to SR2 million. It emphasized the responsibility of certified public accountants for the financial reports and information they certify. The organization stressed that a certified public accountant’s certification of financial reports that they, or those working under their supervision, have not audited constitutes a crime stipulated in Article 10 of the Accounting and Auditing Profession Law. Anyone who commits one or more of these offenses is subject to imprisonment for a period not exceeding five years and/or a fine of up to SR2 million, without prejudice to any other penalties stipulated under other laws. The article also criminalizes the following offenses such as providing false information or forged certificates to obtain a license; misleading the public in any way regarding the right to practice the profession; a certified public accountant providing false information or concealing information that must be disclosed while being aware of it; certifying a report that is contrary to the truth or contains untrue facts in a document that must be issued by law or pursuant to the requirements of practicing the profession; disclosing the secrets of the entity to which they provide services; providing false information about the qualifications and experience of their employees; or contributing to the provision of such information. Dr. Ahmed Al-Mughamis, CEO of SOCPA, said: “The reliability of financial reports is a fundamental element of financial health and the protection of entities, beneficiaries, and users of financial statements.” He emphasized that the integration of the authority’s roles within the accounting and auditing system with regulatory and judicial bodies contributes to enhancing compliance and curbing irregular practices, thereby strengthening the integrity of financial information and the quality of professional services.
SOCPA warning: False statements and misleading information lead to 5-year jail and SR2 million fine
