The following words and phrases - wherever they appear in this Statute - shall have the meanings indicated next to each, unless the context requires otherwise:
The Authority:The Saudi Organization for Chartered and Professional Accountants.
The Statute:The Statute of the Authority.
The Minister:A minister who is a member of the Council of Ministers appointed by an order from the President of the Council of Ministers based on a proposal from the Council of Economic and Development Affairs.
The General Assembly:The General Assembly of the Authority.
The Council:The Board of Directors of the Authority.
The President:The President of the Council.
The Profession:The profession of accounting and auditing.
The Certified Accountant:A natural or legal person licensed to practice the profession.
Professional Registration:A program approved by the Council to register employees in accounting and auditing positions.
Professional Certificates:The fellowship certificate and other professional certificates granted to any person who applies for them in accordance with the rules adopted by the Council.

The Authority shall have legal personality and financial and administrative independence, with its main headquarters in the city of Riyadh. It may establish branches or affiliated offices within the Kingdom as needed.

SOCPA aims to improve the practice of the profession and raise awareness thereof, monitor the quality of its services, and promote its participation in the national economy and the community. To this end, it shall:
1. set policies and strategies and propose laws and regulations, as determined by the Board;
2. review, develop, and approve accounting and auditing standards and any other relevant standards;
3. organize tests necessary to obtain professional certificates;
4. establish specialized institutes to hold seminars, training courses, and tests, and to issue and translate profession-related periodicals, books, and booklets;
5. monitor the quality of the services rendered;
6. participate in profession-related local and international conferences and committees;
7. organize and monitor the profession and its sub-fields; and
8. provide consultation on profession-related matters.

1. SOCPA membership shall comprise:
a) Full members holding SOCPA’s fellowship certificates.
b) Associate members:
i. Holders of a college degree or a diploma in accounting.
ii. Professionals registered in the professional registration program.
c) Professionals other than certified public accountants who are licensed to:
i. Provide accounting services.
ii. Provide zakat and tax accounting services.
d) Honorary members: they include individuals who are granted honorary membership by the Board for their outstanding contributions to the profession.
e) Associate students: they include students who study at universities and colleges and who are registered with SOCPA.
2. The Board shall issue membership rules, including rules for the granting, suspension, and revocation of membership.

1. SOCPA shall have a general assembly that consists of full members who paid their annual membership fees.
2. The General Assembly shall hold an ordinary meeting at least once a year upon a call by the Board and the date of which shall be set at the beginning of SOCPA’s fiscal year. It may hold an extraordinary meeting upon the request of 20% or more of its full members or five or more of Board members. The Board shall prepare the General Assembly’s agenda, set the meeting’s date and venue, and announce it at least 10 days prior to the meeting’s date.
3. The General Assembly’s meeting shall be chaired by the Chairman or his designee. The General Assembly shall hold its ordinary or extraordinary meetings with the attendance of the majority of its members; if, however, no quorum is present, the General Assembly shall hold another meeting within 30 days following the date of the first meeting and such meeting shall not require a quorum, and its decisions shall be passed by majority vote. In case of a tie, the chairman of the meeting shall have the casting vote.
4. The General Assembly may hold meetings and vote on decisions electronically.

The General Assembly shall have the authority to:
1. approve SOCPA’s annual financial statements;
2. approve the investment policy of SOCPA’s funds;
3. appoint SOCPA’s auditors and determine their fees;
4. approve SOCPA’s annual report;
5. elect to the Board Saudi full members;
6. approve the election procedures and eligibility requirements of Board candidates; and
7. discuss other items on its agenda.

1. SOCPA shall have a board of directors composed of the Minister or his designee as chairman and the following members:
a) A representative from the Ministry of Commerce.
b) A representative from the Ministry of Human Resources and Social Development.
c) A representative from the Ministry of Finance.
d) A representative from the General Court of Audit.
e) A representative from the Capital Market Authority.
f) A specialist from the private sector nominated by the Council of Saudi Chambers of Commerce and Industry.
g) Three SOCPA full members elected by the General Assembly for a term of three years, renewable once.
h) A Saudi faculty member from a Saudi university accounting department nominated by the Minister of Education.
i) SOCPA’s executive director.
2. The members referred to in paragraph (1)(a), (b), (c), (d), and (e) of this Article shall hold a rank not lower than Grade 14, or its equivalent, and have relevant experience.
3. The membership term of the members referred to in paragraph (1)(f) and (h) of this Article shall be three years, renewable once.

1. The Board shall meet at least twice a year upon a call by its Chairman. The Chairman shall call for an additional meeting if requested in writing by at least four Board members.
2. Board meetings shall not be valid if not attended by the majority of Board members, including the Chairman or his designee. They may, at the Chairman's discretion, be held electronically.
3. Board decisions shall be passed by majority vote of attending members. In case of a tie, the chairman of the meeting shall have the casting vote.
4. A Board decision may be passed by circulation if approved by all members in writing; such decision shall be submitted to the Board at the first subsequent meeting to be recorded in the minutes.

The Council shall supervise the management of the Authority's affairs and conduct its matters, and it may take all necessary decisions to achieve its objectives within the provisions of the statute. It shall have the following competencies:
1- Formation of professional councils and committees, and approval of their work rules, procedures, and regulations. This includes: the Accounting Standards Board, the Auditing Standards Board, the Professional Performance Quality Control Board, the Examination Committee, the Professional Conduct and Ethics Committee, and others.
2- Development and approval of accounting standards, auditing standards, and other related professional standards.
3- Granting honorary membership.
4- Convening the General Assembly.
5- Approval of policies and strategies related to the profession, and the necessary plans and programs for their implementation, and submitting matters requiring completion of regulatory procedures.
6- Issuance of decisions and rules related to the profession and the Authority's competencies.
7- Approval of financial, administrative, and other internal regulations necessary for managing the Authority's affairs.
8- Determining the financial fees for membership subscriptions, professional registration, services and works provided by the Authority, and the payment mechanism, within its jurisdiction.
9- Establishing the necessary rules for obtaining the Authority's fellowship certificate and professional certificates in one of the branches of the profession.
10- Development and organization of training courses and the continuing professional education program.
11- Investment of the Authority's funds, including investment in real estate ownership and leasing, investment in financial instruments, and other investments.
12- Appointment of a Chief Executive Officer for the Authority, and determining his duties, responsibilities, rights, salary, and other job and financial benefits.
13- Approval of the Authority's organizational structure.
14- Proposing amendments to laws and regulations related to the Authority's competencies or the profession, in preparation for submitting them to complete regulatory procedures.
15- Approval of the establishment of branches and offices of the Authority.
16- Approval of the draft estimated budget and the Authority's annual work plan.
17- Preparation of the financial statements and the Authority's annual report.
18- Acceptance of gifts, donations, grants, bequests, and endowments in accordance with the governing provisions.
19- Reviewing periodic reports submitted on the progress of work in the Authority.
The Council may delegate its Chairman or any of its members some authorities, and delegate professional councils or committees some authorities in accordance with the nature of their work.

SOCPA's resources shall consist of the following:
1. Annual state allocations.
2. Support provided by the Capital Market Authority and Zakat, Tax, and Customs Authority for any development programs.
3. Gifts, donations, grants, bequests, and endowments accepted by the Board.
4. Returns on investments.
5. Fees for services provided.
6. Annual membership fees.