Auditing, Governance, and Digital Transformation

Pioneers of Accounting in Saudi Arabia: The Role of Osama Faqih and Dr. Al-Qasabi in Establishing SOCPA

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Profession History SOCPA + Governance + Digital Transformation

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).

Design titled Accounting Pioneers in Saudi Arabia with icons representing professional and institutional development.
Accounting pioneers in Saudi Arabia: The story of transforming the profession into a solid foundation for the national economy and Vision 2030.
What will you gain from this article?
  • 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.
Your primary reference: History of Accounting

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.

How do we use the definition here? We focus on the “Founding Generation” who combined institutional impact (building the regulatory body) and scientific/professional impact (developing standards and training).
Quick Summary: Two Key Figures
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.

The Golden Idea: As the Kingdom moved toward a diversified economy (Vision 2030), the need for reliable financial reports became a matter of national economic security.

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.

Why is this important? Any professional standard needs an institutional force to implement and monitor it. His support was the catalyst that turned the “idea of a society” into a “regulatory organization.”

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.

SOCPA’s impact on the Saudi market
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

Timeline: From Organization to International Standards Founding Establishment of SOCPA The start of regulating the profession and qualifying Saudi cadres institutionalized. Standards Developing Saudi Accounting Standards Strong professional pillars like Dr. Al-Qasabi building the first scientific and training foundation. IFRS Shift Adoption of International Standards Transitioning to a global financial language to support Vision 2030 and investment attraction.

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.

© Digital Salla Articles — General educational content. For professional application, please consult official SOCPA sources.