22 Hrs
Source:
المدينة
Auditors Authority Sanctions for CPA Violations
The Saudi Organization for Certified Public Accountants (SOCPA) emphasized the responsibility of the statutory auditor in authenticating financial reports and ensuring their accuracy. It also highlighted that certifying unaudited reports or providing false data is considered a criminal offense punishable by up to five years in prison and a fine of up to two million riyals. The organization clarified that such actions include submitting incorrect information, concealing important data, and illegally disclosing confidential company secrets. The CEO pointed out that the reliability of financial reports is vital for protecting the economy and maintaining integrity. He also noted that regulatory investigations have increased by 132% over the past five years, and since the beginning of this year, the authority has detained seven individuals and entities for suspected violations that could constitute systemic crimes.
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