SCCA and Saudi Organization for Chartered and Professional Accountants Sign Cooperation Memorandum

SCCA and Saudi Organization for Chartered and Professional Accountants Sign Cooperation Memorandum

Published Date: 20/12/2021

The Saudi Center for Commercial Arbitration (SCCA) and The Saudi Organization for Chartered and Professional Accountants (SOCPA) have signed a cooperation memorandum with a view to providing alternative dispute resolution to SOCPA members’ projects. The memo comes in the context of raising awareness about arbitration and mediation services and promoting their role in the advancement of the accounting and auditing sector in Saudi Arabia.

 

The signing ceremony took place at SOCPA headquarters in Riyadh, with SOCPA represented by its secretary general, Dr. Ahmed bin Abdullah Al-Meghames, while SCCA was represented by CEO Dr. Hamed Bin Hassan Merah.

Under the terms of the memo, SOCPA will collaborate with SCCA to cultivate the skills of arbitrators, mediators, and experts in connection to drafting dispute resolution clauses or arguing before arbitral tribunals. The two organizations will also work to create the right environment for auditors’ and accountants’ disputes to be resolved through arbitration or mediation.

The organizations will also cooperate to ensure suitable organizational and administrative conditions and the support needed for speedy, effective, and efficient dispute resolution in accordance with the latest international practices, and they will work together to hold meetings, symposia, and events related to the development of ADR practices.

SOCPA and SCCA will cooperate to facilitate auditors’ and accountants’ access to SCCA arbitration and mediation programs, with a view to creating bridges between professionals and jurists in the field of resolving commercial disputes. This will achieve the SOCPA mission of improving the accounting and auditing profession, as well as SCCA mission of providing professional, transparent, and expeditious ADR services.

SOCPA Secretary General Dr. Ahmed Al-Meghames expressed his hope for the success of both parties’ efforts, emphasizing the necessity of establishing close relationships with all partners so that each party can benefit from the other, given that both organizations work to raise awareness and develop skilled practitioners.

SCCA CEO Dr. Hamed Merah said SCCA continues to build bridges of cooperation with various professional organizations in Saudi Arabia to enhance the prominence of ADR in business sectors and reinforce the role of ADR in enabling investors’ access to justice, thereby contributing to the creation of a safe, attractive environment for local and foreign investment.

This collaboration between SOCPA and SCCA spring from their concern for raising professionals’ awareness of arbitration and mediation services, developing the accounting and auditing profession, and contributing to confidence in the Saudi economy.