KPMG Saudi Arabia, a provider of independent auditing services that helps enhance the reliability and credibility of financial reporting, recently concluded its seminars in Alkhobar.
The seminars were aimed at helping companies achieve seamless convergence to the International Financing Reporting Standards (IFRS).
KPMG Saudi Arabia is currently preparing for the Riyadh seminars set to take place May 22-23.
The timing of the Riyadh seminars is stated to be perfect given that accounting and auditing firms operating in the country are currently seeking to ensure that all businesses in the Saudi market are prepared for the transition to IFRS.
The joint stock companies listed on Saudi stock exchange (Tadawul) will adopt IFRS by the beginning of 2017, while other companies will follow suit by 2018. In his opening address, Ebrahim Oboud Baeshen, managing partner, KPMG Jeddah and Alkhobar, emphasized the importance of the role played by finance teams at companies. He highlighted the collective responsibility of the regulators, financial statement preparers, auditors, users and academics, and urged them all to join forces and work together to achieve the goals of the seminars.
The seminars explained the convergence to IFRS and discussed the proposed mechanism and potential challenges.
Khalil Al-Sedais, managing partner, Riyadh and head of Audit Services, Saudi Arabia, said: “Vision 2030 focuses on developing HR across all sectors and raising them to adopt best global practices while broadening the scope of local and global investments in order to ensure continuous development of the local economy. This means that accountants and auditors must now enhance confidence in and transparency of financial information about company performance.”
Asim Al-Tuwaijri, manager of company services, KPMG Saudi Arabia, explained: “The new Companies Law will bring benefits to the market as it enhances companies’ disclosure and transparency."standards. It has tools for expediting company operations and its internal bylaws.”
The seminars were aimed at helping companies achieve seamless convergence to the International Financing Reporting Standards (IFRS).
KPMG Saudi Arabia is currently preparing for the Riyadh seminars set to take place May 22-23.
The timing of the Riyadh seminars is stated to be perfect given that accounting and auditing firms operating in the country are currently seeking to ensure that all businesses in the Saudi market are prepared for the transition to IFRS.
The joint stock companies listed on Saudi stock exchange (Tadawul) will adopt IFRS by the beginning of 2017, while other companies will follow suit by 2018. In his opening address, Ebrahim Oboud Baeshen, managing partner, KPMG Jeddah and Alkhobar, emphasized the importance of the role played by finance teams at companies. He highlighted the collective responsibility of the regulators, financial statement preparers, auditors, users and academics, and urged them all to join forces and work together to achieve the goals of the seminars.
The seminars explained the convergence to IFRS and discussed the proposed mechanism and potential challenges.
Khalil Al-Sedais, managing partner, Riyadh and head of Audit Services, Saudi Arabia, said: “Vision 2030 focuses on developing HR across all sectors and raising them to adopt best global practices while broadening the scope of local and global investments in order to ensure continuous development of the local economy. This means that accountants and auditors must now enhance confidence in and transparency of financial information about company performance.”
Asim Al-Tuwaijri, manager of company services, KPMG Saudi Arabia, explained: “The new Companies Law will bring benefits to the market as it enhances companies’ disclosure and transparency."standards. It has tools for expediting company operations and its internal bylaws.”
