RIYADH — Saudi Arabia's Ministry of Human Resources and Social Development will start implementing Saudization of the accounting professions effective from June 11, 2021 (Dhul Qada 1, 1442), and this would cover as many as 19 accounting streams. Okaz/Saudi Gazette has learned from ministry sources that the ministry will provide a package of incentives and support to the private sector in employing Saudi accountants. These include supporting the recruitment process; searching for suitable employees; supporting training and rehabilitation necessary to ensure job stability for accountants and giving priority to benefit from all available Saudization support programs. The sources indicated that the ministry has classified accounting professions that are targeted for Saudization into 19 types according to the automatic coding of professions in the ministry. These professions include manager of financial affairs and accounting; manager of accounts and budget; manager of financial reports department; manager of zakat and taxes department; manager of the internal audit department; manager of the general audit department; head of the internal audit program. It also includes, financial controller; internal auditor; senior financial auditor; general accountant; cost accountant; auditor, general accounts technician; auditing technician; cost accounts technician; financial audit supervisor; cost clerk and finance clerk. Citing the procedural guide to localize the accounting professions, the ministry stated that in the event that the establishment does not adhere to the required Saudization percentage, all electronic transactions for the accounting professions will be stopped. These transactions include issuing visas for the profession, transferring service of an employee to the profession, changing the profession, automatic issuance of work permits for the profession, in addition to the penalty for violating the Saudization of professions that are restricted to Saudis, according to the system. The ministry stressed that it will impose statutory penalties for employing any fraudulent means in the event that any worker in the establishment is caught practicing any of the accounting professions targeted for Saudization under another professional title, different from the name written in the work permit. Minister of Human Resources and Social Development Eng. Ahmed Al-Rajhi recently issued a ministerial decision to Saudize 30 percent of accounting professions in the private sector. The decision, which will create more than 9,800 jobs for Saudis, will be applicable to private sector firms where five or more of staffers with accounting professions are working. According to the decision, Saudi accountants are required to obtain professional accreditation from the Saudi Organization for Certified Public Accountants. It is also a condition for the calculation of the Saudi accountant in the Nitaqat Saudization program that his wages should not be less than SR6,000 for holders of bachelor degrees and SR4,500 for diploma holders. The decision aims to provide decent job opportunities for qualified young Saudi men and women in the labor market and to promote productive and sustainable localization. It is noteworthy that the ministry seeks to increase the representation of Saudis in the labor market, and raise the productivity of national human cadres through continuous training to enhance their skills and capabilities so as to qualify them to take up challenging positions in the employment market.
