The Saudi Accounting Association
The report before your Excellency has been issued by the Saudi Accounting Association. It tries to present a profile of the Saudi Accounting Association and its achievements since its establishment to date. Some of the most important achievements are:
The establishment of the Association
On 15/11/1401 H (13/9/1981) the Academic Council sanctioned the establishment of the Saudi Accounting Association. The Association held its first meeting on 20/3/1403 H in which the members of the Board of Directors were elected but the Board did not convene until the beginning of 1404 H when it held its first meeting on 23/1/1404 H.
The present situation
Until the preparation of this report the membership of the Association is 278 members. This number represents the full and associate members of the Association in accordance with its basic regulations. The Association also issues a membership card to prove the members' affiliation to the Association and enable them to benefit from the advantages granted to the members who fully pay their membership fees in order to encourage the members to pay the set membership fees.
The Association's Headquarters
The Business Administration College, King Saud University, allocated two rooms in the Accounting Department as a temporary Headquarters for the Association in addition to another room used for storing books.
The Aims of the Association
The Saudi Accounting Association aims to accomplish the following:
1. Developing the academic thinking in the field of accounting
2. Giving the people working in the area of accounting the opportunity to contribute to the academic progress in this field.
3. Exchange of academic products and ideas between the Association and other organizations and institutions concerned inside and outside the Kingdom.
4. Giving advice and conducting the necessary research to raise the level of performance in accounting areas in different establishments and organizations.
Academic gatherings
· The Association held a gathering entitled: "Internal Audit in Saudi Companies and its Expected Role" in King Faisal's Conference Hall, Riyadh Intercontinental on 11/8/2/1426H (28/3/2005). The gathering was presided over by His Excellency Yousif bin Mohammad Almubarak, Director of internal audit at the Saudi Telecommunications Co. The lecture was delivered by Professor Mohammad Fida'uldeen Bahjat the chartered accountant (certified public accountant)and Mr. Sa'ad bin Salih Alsabti, chartered accountant. A number of internal audit directors from different companies and establishments participated in it in addition to a number of internal auditors from companies and establishments. Some of the objectives of the gathering were to identify the present with the new concepts of internal audit and to explain the ways of using internal audit effective performance methods with a lot of concentration on internal audit examples.
· The Association held a meeting entitled: 'Initial Public Offerings (IPO)' in Buraida Hall, Riyadh Intercontinental on 11/4/1427 H (9/5/2006). The gathering was presided over by His Excellency Dr. Mohammad bin Sultan Alsahli member of the Board of Directors of the Saudi Accounting Association. The lecture was delivered by His Excellency Dr. Fahad bin Abdallah Almubarak, Head of Almalaz Financial Consultations Office. Of the present were the most prominent experts in the Saudi stock market in addition to a great number of officials and academics, corporate managers, and those interested from the public and private sectors inside and outside the Kingdom.
· The Saudi Accounting Association participated in the 11th symposium concerning the way of developing accounting in the Kingdom entitled: 'The Role of Accounting in Activating the stock exchange market' from 14 to 15 Dhulaqida 2007 (5 – 6 December, 2006).
· Training course in "Statistical Samples and their Use in Auditing" from 15 to 19 Shaban, 1428 H
· A course on statistical methods in audit
· Training and qualification committee course
· Saudi audit criteria course
· Internal audit course
· The Association in collaboration with Arson and Young Office held the first training course under the title: 'The Cycle of the New Income Tax and its Implementation Regulations' at Riyadh Radison Sas on 25 and 26/4/2006. The course was attended by 42 trainees.
· The Association held the 2nd training course entitled: ' Practical Application of the Ways of Applying the New Income Tax and its Basic Regulations' at Jeddah Hilton on 17/5/2005. It was attended by 29 trainees.
· The Association held the third course entitled: 'The Role of Accounting in the Stock Market' for the students of the Managerial Sciences College, King Saud University on 24 and 25/5/2005. It was attended by 53 students. · The Association held the 4th training course entitled: 'Practical Application of How to Apply the New Income Tax and its Basic Regulations' Alkhobar Hilton, on 14/6/2005 and was attended by 32 trainees.
· The Association held the 5th training course entitled: 'Analysis of Financial Lists and their Relation with the Share Price' at Riyadh Marriott on 29/4/1427 and 1/5/1427 H and the number of attendants was 26.
· The Association held the 6th training course entitled: 'The New Income Tax System – Problems and Solutions' in Riyadh on 16/10/1427 H (7/11/2006). The attendants were 34
· The Association held the 7th training course entitled: 'Shares Prices in the Stock Market and their Relation with Accounting Numbers' for King Saud University students in Riyadh on 17/2/1428 H (7/3/2007) and was attended by 35 trainees.
Gatherings and Symposiums
- In collaboration with the Training and Development Center, Riyadh Chamber of Commerce and Industry a gathering was held about 'Control in Joint-stock Companies' whose responsibility? ……whose role?
· In collaboration with the Riyadh Chamber of Commerce and Industry a symposium was held about 'Audit Committees in Joint-stock Companies' in 1417 H
· The Association participated in the 33rd gathering of the Saudi Association for Education and Psychology entitled: 'The Academic Societies and the Required Role' which discussed the concerns of the Saudi academic societies.
· The Association took part in the 7th symposium for the development of audit in the Kingdom where a lecture was delivered by Dr. Wabil bin Ali Alwabil, the head of the Association and Mr. Isma'il Juma. The Association also contributed to the hospitality expenses of the symposium participants and the expenses of research papers.
· A gathering entitled 'Internal Audit in Saudi Companies and the Expected Role' was held in King Faisal Conference Hall in Riyadh Intercontinental Hotel on 18/02/1426H (28/3/2005)
External Participation
1. Some of the Association's Board members took part in the meeting of the General Secretariat Council of the Arab Accountants and Auditors Association held in the Headquarters of the Arab League of States, Cairo from 22/9 to 23/9/1992
2. Holding the conference of the accountants professional ethics charter in Egypt on 18/2/1993
3. The GCC countries general secretariat delegation visit to UAE to discuss the possibility of establishing the accounting societies general union in the GCC countries.
4. The Chairman of the Association and some of the Board members held a meeting with His Excellency the Undersecretary of the Ministry of Commerce and the General Secretary of the Chartered Accountants Organization to discuss the possibility of cooperation between the Association and the Organization for the benefit of the profession.
5. The Chairman and the Secretary of the Association held a meeting with the Undersecretary of the Ministry of Commerce to discuss the issue of performance control as this task was assigned to the Association since the Association started the procedures.
6. The Chairman of the Association and some of the Board members held a meeting with the General Secretary of the Chartered Accountants Organization in the Organization's Headquarters to discuss the proposed areas of cooperation between the Association and the Organization.
7. A press interview was made by Okaz daily newspaper with the Chairman of the Association who answered some questions about the role of the Association in training and developing the cadre of accountants.
8. The Association formed a number of committees during the past years :
a. Accounting Criteria Committee by mutual agreement with the Ministry of Commerce
b. Qualification and Training Committee to raise the academic and practical standard of the accountants and auditors.
c. The professional Ethics Committee
d. Systems Committee to identify the problems which chartered accountants face when systems are applied, etc.
Cooperation with the Saudi Chartered Accountants Organization
First: Accounting and audit criteria
Second: Professional ethics
Third: Fellowship examinations and organization of continuous education courses
Fourth: Preparation of research and studies
Fifth: Symposiums and conferences
Medals and Appreciation Certificates Received
- An accounting appreciation medal from King Saud University for sponsoring the 5th symposium of developing accounting "Openness and Transparency and their Role in Supporting Control in Saudi Companies" held on 18 Shaban–19 Shaban 1424 H (14 – 15 Oct. 2003) organized by Accounting Department, Alqasim Faculty of Economics and Management
- An appreciation medal from the Young Businessmen Committee for the Association's active participation in the young businessmen gathering held on 22/3/1425 H (11/5/2004)
Publications
|
S. |
book title |
author |
edition |
|
9 |
Studies in Specialized Accounting: branches, petrol, insurance |
Mr. Mustafa Easa Khodair |
1st |
|
10 |
Basics of Accounting |
Professor/Wabil Alwabil |
|
|
11 |
An Introduction to Computer Science BASIC language and its application |
Professor/Mohammad Alfayomi |
|
|
12 |
Advanced Accounting |
Dr. Salahudin Mustafa |
4th |
|
13 |
Intermediate Accounting –Part -1 |
Dr. Mohammad Sami Radhi |
17th |
|
14 |
Intermediate Accounting –Part - 2 |
Prof. Isma'il Jummah, Dr. Mohammad Radhi |
10th |
|
15 |
Practical Cases in Accounting |
Prof. Isma'il Jummah, Dr. Mohammad Radhi |
7th |
|
16 |
Cost Accounting: A New Managerial Introduction |
Professor/Wabil Alwabil ,
Dr. Mohammad Aljabali |
8th |
|
17 |
Accounting Information System |
Prof. Salah Mubarak,
Dr. Lutfi Alrufa'i |
9th |
|
18 |
Zakah (alms tax): Rules and Application |
Prof. Sultan Mohammad Alsultan |
11th |
|
19 |
Internal Audit: Financial and Operational Aspects |
Dr. Slsaid Ahmad Alsaqa |
12th |
|
20 |
Practical Cases in Financial Accounting (part – 1 ) |
Prof. Mohammad Radhi,
Mr. Waheed |
13th |
|
21 |
Practical Cases in Financial Accounting (Part-2) |
Prof. Mohammad Radhi,
Mr. Waheed |
14th |
|
22 |
International Accounting: Theory and Application |
Dr. Nabeeh Aljabr ,
Dr. Mohammad Ala uldeen |
15th |
|
23 |
Money, Banks and Stock Market |
DrYousif Abdallah Alzamil et al |
18th |
|
24 |
Accounting by Computer |
Dr. Nabeeh Aljabr ,
Dr. Faheem Abu alazm Mohammad |
16th |
|
25 |
Tax Accounting |
Dr. Sultan bin Mohammad Alsultan |
6th |
Magazines
-
Accounting Magazine :
As the Association is keen to have a more active role and willing to increase the direct services to its members such as: academics, chartered accountants, auditors and heads of financial departments in establishments and companies, and in the light of the aims and basic regulations, the Association issued the "Accountants Magazine" to be a forum for the accountants, to reflect their thoughts, their activities and progress in the accounting arena with special concentration on the accounting internal affairs inside the Kingdom with the aim of upgrading and developing the profession and improving the chartered accountants abilities and enable them to carry out their duties successfully. Up to now the Association has issued (45) numbers of the magazine.
The magazine is a quarterly periodical specialized in financial affairs and distributed free of charge to the Association members, financial departments managers in the government circles and to those in-charge in banks, and companies, all accounting offices, Chambers of Commerce and all those who are interested in the accounting profession. Not less than 5000 magazines of each issue are distributed.
- Accounting Research Magazine:
The association started to issue a biannual quality academic magazine to play a more effective role in serving the accounting thought and practice in the Kingdom. This is the goal the Association is aiming to achieve together with meeting the requirements of the University Academic Council to approve of such a magazine or the series issued now with the title "Accounting Research".
Paying such attention to this step has benefited the accounting thought a lot as it opens wider horizons to research, writing books and academic essays which are subject to close scrutiny by the specialized committees. Of this series 7 volumes (two issues in each volume) have been issued untill now.
Printing research and studies
Among the efforts made to publish the academic research in the field of accounting and distribute the results thereof, the Association collected and printed the research and studies of the 3rd, 4th and 5th symposiums held in King Saud University with aim of promoting accounting in the Kingdom. The printed material was distributed to interested authorities in the government, accounting offices, businessmen and the Association members. Copies are available for those interested in accounting and audit.
Symposiums
The Association is keen to encourage and activate research, studies and symposiums in the field of accounting. This is the Association's contribution to develop accounting thinking and promote its methods, research and theories. However, this is part of the Associations many efforts in this respect. As for the symposiums held in the Accounting Department in the Business Administration College, King Saud University, the Association participated in:
Symposium Date
-1st symposium: ways of developing accounting in the Kingdom 18-19/5/1401 H
-2nd symposium: ways of developing accounting in the Kingdom 20-22/3/1403 H
-3rd symposium: ways of developing accounting in the Kingdom 18-19/71407 H
-4th symposium: ways of developing accounting in the Kingdom 11-12/1409 H
-5th symposium: ways of developing accounting in the Kingdom 3-4/6/1412 H
-6th symposium: ways of developing accounting in the Kingdom 4-5/7/1415 H
-7th symposium: ways of developing accounting in the Kingdom 23-24/7/1417 H
-8th symposium: ways of developing accounting in the Kingdom 4-5/1420 H
-9th symposium: ways of developing accounting in the Kingdom 19-20/1/1423 H
-10th symposium: ways of developing accounting in the Kingdom 14-15/1427 H
The Aims of the Association are as follows :
- Furtherance and development of academic thinking in the Association's field of activity.
- Giving the opportunity to whoever works in the Association's field of interests to contribute to the academic development in accounting.
- Facilitating the exchange of academic products and ideas in the Association's field of interests between the agencies and institutions concerned inside and outside the Kingdom.
- Giving advice and conducting the necessary studies to raise the standard of professional performance in agencies and other institutions interested in the Association's field of activity.
To achieve its goals, the Association strives to :
1. Raising the people's awareness of the goals, duties and activities of the Association.
2. Encouraging research and translation in the fields of accounting and audit.
3. Providing purposeful training courses and organizing consultation
4. Participating in holding conferences, symposiums, studying groups and academic competitions with the aim of investigating the issues concerning accounting and audit.
5. Issuing the "Accounting Magazine" to publish the research and studies in the accounting field of activitiy.
6. Issuing the 'Accounting Research Magazine" as an academic specialized magazine.
The managerial organization of the Saudi Accounting Association is formed of a Board of Directors, specialized committees and the administrative and technical body.
1- The Board of Directors has the full authority to run the Association in a way that leads to the achievement of its goals and purposes. The Board is formed of nine members elected by the general assembly by secret vote from the permanent membership. Third of the nine members should be from the staff of the university which established the Association.
2- The Board permanent committees, their duties and work plans: These committees are formed to give advice to the Board of Directors since the organizational structure of the Saudi Accounting Association allows the participation of the whole accountants society. Hence the formation of specialized committees which are able to contribute to all accounting and professional aspects and thus, raising the accounting awareness among the people.
The Academic Committee
Strives to accomplish the Association's goals, its academic and research activities which are the basic responsibility of the committee.
Some of the duties of the committee are as follows:
- Supervising the issue of the Association's academic magazine "Accounting Research Magazine"
- Nominating the editorial staff of the academic magazine
- Supervising writing books, translation of academic book and studies in the field of the Association's activities.
- Organizing academic accounting symposiums, studying group and gatherings.
- Boosting relations with other organizations and institutions inside and outside the Kingdom
- Contributing to accounting education
- Organizing academic competitions in the field of accounting
Training and Consultations Committee
Strives to achieve the Association's goals, academic and research activities through consultation and training e.g. training courses and providing consultation services to accomplish the following:
1. Raising the professional awareness of the people in the Kingdom
2. Benefiting from the academic and professional cadres to achieve the goal of the Association which is the development of accounting and audit.
3. Keeping up with the latest development in the field of accounting and training those interested.
4. Proposing and supporting courses and training programs provided that conducting these program should be in collaboration with qualified, academic and professional cadres, professional organizations and specialized training centers.
5. Proposing and supporting the provision of financial and accounting consultations in coordination with all the relevant authorities.
Information and Public Relations Committee
This committee aims at communicating with the members, issuing leaflets, information publications, supervising gatherings and symposiums, participating in all of the Association's activities and events and talking to the press about these activities. The committee carries out the following duties:
- Supervising and issuing the Association's periodical
- Setting up press coverage of all the Association's activities
- Issuing all the information publications, leaflet and flyers about the Association
- Preparing social gatherings and the requirements thereof.
- Enhancing the effectiveness of the membership system and attracting new members.
Organization of committees' work
The executive body is assigned the secretariat of the committees, organization of their works, preparing the agenda and distributing them to the committees well before the date of the meeting. This is to be done in coordination with the committees secretaries. The committees secretaries provide the Head of the Association with the minutes of their meetings within one week at most from the date of the end of each meeting. The Association's secretary should also be furnished with a copy.
The Association's Publications
Accounting Magazine: The following numbers of the magazine were issued during the report period:
- Number 39 – April 2005
- Number 40 – Jumada Alakhir 1426 H - July 2005
- Number 41 – Shawal 1426 H - November 2005
- Number 42 – Muharam 1427 H January 2006
- Number 43 – Rabie Awal March 2006
- Number 44 – Jumada Alakhira 1427 H July 2006
- Number 45 – Shawal 1427 H November 2006
The magazine is a quarterly periodical specialized in accounting and audit issued and distributed free of charge to the Association members, directors of financial departments in government circles, financial officials in banks and companies, to all accounting offices and chambers of commerce, and to those interested in this field of activity.
Accounting research magazine
- Volume 7 – Number-1 (first issue) Muharam 1427 H November 2006
- Volume 7 – Number-2 (under preparation)
Since 1418 H, the Saudi Accounting Association has been issuing a biannual specialized academic periodical which contains the research, academically sound field and applied studies with the aim of serving the accounting thinking and practice in the Kingdom. The Association received the approval of the Academic Council, King Saud University on 5/8/1419 H endorsing the "Accounting Research Magazine" as the magazine in which the academic staff can publish their research. This is the aim which the Association has strived to achieve in order to meet the University Academic Council requirements. As a result, both the Magazine and the Accounting Research series are now sanctioned.
Academic gatherings
- A gathering was held under the title: "Internal Audit in Saudi Companies and its Expected Role" in King Faisal Conference Hall, Riyadh Intercontinental on 18/2/1426 (28/3/2005). The gathering was presided over by His Excellency Mr. Yousif bin Mohammad Almubarak, the internal audit director in the Saudi Telecommunications Co. The lecture was delivered by His Excellency Professor Mohammad Fida'uldeen Bahjat the chartered accountant (certified public accountant)and Mr. Sa'ad bin Salih Alsabti, chartered accountant. A number of internal audit directors from different companies and establishments participated in it in addition to a number of internal auditors from companies and establishments. Some of the objectives of the gathering were to identify the present with the new concepts of internal audit and to explain the ways of using internal audit effective performance methods with a lot of concentration on internal audit examples.
Participation in academic symposiums and gatherings :
- Participation of the Chairman of the Association and some of the Board members in the 2nd gathering of the accounting offices in the GCC countries held in Kuwait from 8/3 to 9/3/2005
Problems and obstacles facing the Association
The headquarters is not large enough: The Business Administration College, King Saud University, allocated two rooms in the Accounting Department as a temporary Headquarters for the Association in addition to another room used as an archive and for storing books.
- Scarcity of financial resources: Financial resources do not cover the running costs and expenses of the Association and fall short of the minimum requirements for achieving the goals and realizing the aspirations of the Association in propagating science and knowledge in addition to academic research and activities which represent the main aspect of the Association's work.
The Association's most important privileges and benefits :
- Supervising the issuance of the Association's academic magazine "Accounting Research Magazine"
- Nominating the editorial staff of the Association's academic magazine
- Supervising writing books and translating academic studies and books relevant to the Association's field of activity.
-Organizing symposiums, gatherings and study groups relevant to the Association's field of activity
- Strengthening ties with other academic organizations and associations inside and outside the Kingdom.
- Contributing to the accounting education
- Organizing academic competitions in the field of accounting
- Raising the professional awareness in the accounting society in the Kingdom.
- Benefiting from the academic and professional cadres to achieve the goal of the Association which is the development of accounting and audit.
- Contributing to the qualification of accounting students and new graduates for working life after graduation