The Saudi Organization for Chartered and Professional Accountants (SOCPA) has realized a positive progress in the World Competitiveness Yearbook (WCY) for 2022 published by the Switzerland-based International Institute for Management Development (IMD), in the index of auditing and accounting in commercial activities, advancing from the 32nd rank to 17th, up 15 ranks, where the Kingdom of Saudi Arabia also advanced 8 ranks compared with last year to the 24th among 63 countries that are the most competitive in the world. SOCPA CEO Dr. Ahmed bin Abdullah Al-Meghames expressed pride in what the Kingdom of Saudi Arabia has realized of progress in several indexes, which highlights the keenness of the wise leadership to enhance progress and competitiveness globally, where Saudi Arabia can boost this economic activity in a bid to realize Saudi Vision 2030 targets. Al-Meghames stressed that the increase in the auditing and accounting index in commercial activities was the result of distinguished efforts, mainly applying international standards that contributed to attracting and stimulating foreign investment that requires the availability of financial information relying on transparency for foreign and local companies, adding that using globally unified standards allow investors to compare data and information between local and global companies, which helps take proper investment decisions, increases trade exchange volume among countries, including the Kingdom of Saudi Arabia, and increases exchange of investments between Saudi Arabia and other countries.
