Riyadh, November 8, 2024 – In a significant milestone for Saudi Arabia’s accounting and auditing profession, Dr. Ahmed bin Abdullah Al-Maghames, the chief executive of the Saudi Organization for Chartered and Professional Accountants (SOCPA), has been appointed as a board member of the International Federation of Accountants (IFAC) for a three-year term. The announcement, made during the IFAC General Assembly, reflects the Kingdom’s growing influence on the global stage in the fields of accounting, auditing, and professional standards.
Dr. Al-Maghames’ appointment is a testament to Saudi Arabia’s leadership and commitment to advancing the accounting profession not only within its borders but also on a global scale. As the chief executive of SOCPA, Dr. Al-Maghames has been at the forefront of efforts to elevate the standards of accounting practices in the Kingdom, ensuring alignment with international best practices and contributing to the development of a robust, transparent, and effective financial ecosystem in Saudi Arabia.
The IFAC, which represents over 180 professional accountancy organizations from around the world, is instrumental in shaping the global landscape of accounting and auditing standards. Dr. Al-Maghames’ new role on its board will allow Saudi Arabia to play a pivotal role in influencing global conversations about the future of the profession, from setting international standards to fostering collaboration and knowledge exchange between accounting bodies worldwide.
His appointment also highlights Saudi Arabia’s ongoing commitment to enhancing its global economic standing, as the Kingdom continues to align itself with international professional standards as part of its broader Vision 2030 goals. By advancing the development of the accounting and auditing profession, Saudi Arabia aims to create a more resilient and transparent financial environment, attracting further investment and fostering greater economic growth.
Dr. Al-Maghames’ selection to the IFAC board is a reflection of his leadership and expertise in the accounting field and marks an important step in the Kingdom’s broader efforts to contribute to the advancement of global professional practices, strengthen international collaboration, and drive progress in the accounting profession worldwide.