Riyadh: The Saudi Organization for Chartered and Professional Accountants (SOCPA) has emphasized the responsibility of certified public accountants for the financial reports and information they certify. It noted that a certified public accountant who certifies financial reports that they, or someone working under their supervision, have not audited commits an offense punishable under Article 10 of the Accounting and Auditing Profession Law.

According to Saudi Press Agency, those found guilty of one or more of these offenses may face imprisonment for up to five years and/or a fine of up to SAR2 million, without prejudice to any other penalties prescribed by other laws. The article also criminalizes several other violations, including providing false information or forged certificates to obtain a professional license, misleading the public in any way regarding the right to practice the profession, and providing false information or concealing information that must be disclosed.

It also prohibits certifying reports that contradict the truth or contain inaccurate information in documents required by law or professional regulations, disclosing confidential information of entities to which services are provided, and contributing to the provision of false information concerning employees' qualifications or experience.

Since the beginning of this year, SOCPA has referred seven individuals and establishments to the Public Prosecution after initial monitoring and investigative procedures uncovered violations of the offenses stipulated in Article 10 of the Accounting and Auditing Profession Law.