Up to 5 years imprisonment and 2 million riyals fine as per new rules

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Up to 5 years imprisonment and 2 million riyals fine as per new rules. The Secretary-General of the Saudi Organization for Certified Public Accountants, Dr. Ahmed Al-Maghamis, explained that a new system that increases the penalties for accounting violations will be issued within the next two weeks.

Up to 5 years imprisonment and 2 million riyals fine

Al-Maghamis revealed through a hypothetical meeting organized by the Asharqia Chamber yesterday evening (Tuesday), that the new penalties amount to 500 thousand riyals in case of violation, in addition, to blame, warning and suspension for a period not exceeding a year, and if the suspension is repeated within two years or more, the license will be canceled.

He stated that in the event of intentional criminal offenses, such as signing reports containing false numbers, incomplete information, or unlawfully added information, the penalty for this is up to 5 years imprisonment and a fine of two million riyals.

Also, he said that the new system aims to improve the quality of certified accountants’ work, whether the accountant works as a chartered accountant, or as a technical expert appointed by the court or by stakeholders.

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