Pioneers of Accounting in Saudi Arabia: The Role of Osama Faqih and Dr. Al-Qasabi in Establishing SOCPA
Accounting Pioneers in Saudi Arabia (The Founding Generation): Osama Faqeeh and Dr. Al-Qasabi
When discussing accounting pioneers in Saudi Arabia, we are looking at a story of building institutional trust. The transition from a developing economy to a global one required a robust professional framework: clear standards, a professional organization protecting practice, and highly qualified experts. In this article, we highlight the founding generation through two key pillars: H.E. Osama Faqeeh as the institutional builder, and Dr. Mohammed Al-Qasabi as the scientific and professional pillar, leading to the establishment of the Saudi Organization for Chartered and Professional Accountants (SOCPA).
- A quick understanding of the history of accounting in KSA and how the profession was organized.
- The role of H.E. Osama Faqeeh in founding the institutional framework (SOCPA).
- The role of Dr. Mohammed Al-Qasabi in establishing scientific and professional standards.
- The transition story to International Standards (IFRS) and its impact on the Kingdom’s economy.
- A visual timeline (SVG) of the major professional milestones in Saudi Arabia.
To understand the full context of the profession’s evolution from ancient times to AI, this link provides the necessary foundation.
1) Who are the Accounting Pioneers in KSA? (Practical Definition)
The accounting pioneers in Saudi Arabia are the figures who recognized early on that a strong economy cannot be built without a “professional accounting language” that is disciplined and reliable.
| Name | Primary Role | Impact on the Profession |
|---|---|---|
| H.E. Osama Faqeeh | Institutional & Administrative Leader | A major catalyst in founding SOCPA and providing the administrative support for its independence. |
| Dr. Mohammed Al-Qasabi | Scientific & Professional Leader | Developing professional standards, training curricula, and enhancing the professional status of chartered accountants. |
2) Why care about Saudi Arabia’s Accounting History?
The history of accounting in Saudi Arabia explains why the Kingdom is now a leader in adopting international standards. It wasn’t a sudden move, but a result of decades of building governance and professional trust.
3) The Environment of the Founding Generation
In the late 20th century, the Kingdom saw massive growth. Large projects and private sector expansion required more than just “bookkeeping”—they needed external auditing and standards that protect all parties.
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Three Factors that shaped the Saudi Professional Context
- Joint-Stock Companies Expansion: Created a massive demand for independent auditing.
- The Need for Quality Standards: To ensure that a “Saudi audit report” has global credibility.
- Vision for Independence: Establishing a body that is not just a government office, but a professional entity.
4) Osama Faqeeh: The Institutional Architect
H.E. Osama Faqeeh is considered one of the most prominent institutional architects of the profession. His role was pivotal in providing the necessary framework for the Saudi Organization for Chartered and Professional Accountants (SOCPA) to operate as an independent and strong entity.
5) Dr. Mohammed Al-Qasabi: The Professional Pillar
If the framework was administrative, the “content” needed a scientific and professional pillar. Dr. Mohammed Al-Qasabi is credited with building the professional curricula, qualifying accountants, and laying the first stones for the standards that were used before the transition to IFRS.
6) SOCPA: The Cornerstone
The establishment of SOCPA was the ultimate milestone. It is not just an office; it is a system for: Qualification (the SOCPA exam), Quality Monitoring (peer review), and Standard Setting.
| Function | Practical Result | Value to the Economy |
|---|---|---|
| Professional Exams | Highly qualified “Certified Public Accountants” | Higher report quality |
| International Standards | Adopting IFRS and International Auditing Standards | Attracting foreign investment |
| Quality Control | Monitoring audit firms | Reducing fraud and error risks |
7) The Great Shift: Adopting International Standards (IFRS)
One of the most important professional projects in the Kingdom’s history was the IFRS Convergence Project. This move allowed Saudi companies to speak the same financial language as the rest of the world, making the Saudi stock market (Tadawul) more transparent and attractive.
8) Practical Lessons for Accountants
The accounting pioneers in Saudi Arabia teach us that the profession is Competence + Ethics + Organization.
8.1 Continuous Learning is Mandatory
- The SOCPA Fellowship is not just a certificate; it’s a professional level that changes how you view risk.
- Stay updated with SOCPA’s continuous releases and standard updates.
8.2 Quality is the Best Marketing
- Professionalism in documentation and following standards is what builds a name in the Saudi market.
9) Timeline (SVG): Major Milestones in KSA
10) Frequently Asked Questions
What is SOCPA?
The Saudi Organization for Chartered and Professional Accountants, responsible for regulating the profession and standards in KSA.
Who are the most famous pioneers?
H.E. Osama Faqeeh (Institutional) and Dr. Mohammed Al-Qasabi (Professional), along with many others who built the founding generation.
11) Conclusion
The summary of accounting pioneers in Saudi Arabia is simple: they turned a “job” into a “national professional system.” Thanks to their institutional and professional construction, the Kingdom now has one of the strongest professional environments in the region, ready for the future.