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Audit Authority Highlights Accountant Responsibilities
The Saudi Organization for Certified Public Accountants (SOCPA) emphasizes the legal accountant's responsibility for the accuracy and reliability of the financial reports they approve. It warns against violations such as endorsing reports that have not been examined or submitting false data. Penalties include up to five years of imprisonment and fines reaching two million riyals. Violations also encompass sending incorrect information, forgery to obtain licenses, concealing data, or submitting false reports. The organization's CEO highlighted the importance of the credibility of financial reports in protecting companies and beneficiaries. He noted that regulatory inspections have increased by 132% over the past five years, with seven individuals and entities referred to prosecution as part of legal actions against violators.
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