ISLAMABAD:Continuing with its tradition, the Institute of Chartered Accountants of Pakistan KSA Committee of Members (ICAP KSA), organized the Fifth Annual Saudi-Pak Accountancy Symposium at the prestigious Ritz Carlton Hotel in Riyadh recently.
The theme of this year’s Symposium was “Vision 2030: Role of the Finance Profession”. The Chief Guest on the occasion was His Excellency, Mr. Tareq Al Sadhan, Director General, General Authority of Zakat & Tax (GAZT), says a press release received here on Sunday from Riyadh.
Other high profile guests and speakers included, Vice Admiral (r) Khan Hasham Bin Saddique, Ambassador of Pakistan to the Kingdom of Saudi Arabia, Dr. Ahmad Almeghames, Secretary General of Saudi Organization for Certified Public Accountants (SOCPA) and Mr. Nadeem Yousuf Adil, President of ICAP.
The Chief Guest Tareq Al Sadhan, Director General, GAZT, said that “soon the detailed legislation for VAT will be issued. He also said that GAZT is open to any suggestions from professionals like you”.
Speaking on the occasion, the newly appointed Ambassador of Pakistan to KSA, remarked that “It was indeed a privilege to witness the august gathering of Finance professionals and the Pakistan Embassy is committed to continue with the patronage of the ICAP KSA Committee.
He also emphasized that “the Saudi and Pakistani accountancy professionals will continue to foster the spirit of sharing and learning, especially in the backdrop of opportunities that Vision 2030 has bestowed, which along with CPEC will Insha’Allah bring increased economic prosperity to the two brotherly countries”.
Dr. Ahmad Almeghames, Secretary General of SOCPA, Special Guest, dwelled upon the topic of “Accountancy Profession and Vision 2030”.
He highlighted that the Vision 2030 poses a big challenge for the Finance Professionals and hoped that they will meet the expectations gracefully. We as SOCPA are delighted to work with ICAP for the past six years with valuable contribution to the profession in the Kingdom.”
Mr. Nadeem Yousuf Adil, President of ICAP mentioned that “ICAP alongwith its KSA Chapter is proud to partner with SOCPA in achieving the Saudi Vision 2030 by organizing professional events in KSA and supporting SOCPA in their major projects”.
The extensive agenda of the Symposium also shed light on two important topics currently making headlines in the local media, namely: Transition to IFRS in the Kingdom of Saudi Arabia and VAT.
The panel session on IFRS transition was very well received by the audience and agreed with the conclusion that the professional skill is vital for effectively applying the principle-based approach to financial reporting.
Panellists and moderator were Fawaz Al-Fawaz, Global CFO TASNEE, Khalil Al-Sedais, Partner, KPMG Al-Fozan & Partners, Ahmed Abdelfattah, Director Assurance, Ernst & Young, Riyadh, Yves Graf, Head of Corporate Finance Almarai Group and Moderator, Moazam Ali Shah, Group CFO, Al Zamil Industry, Trade & Transport, KSA.
The panel session on VAT in the Kingdom was a very interactive that focused on the pre-requisites of the VAT implementation as well as the implications and the impact on the business in the Kingdom. Panellists and moderator were Alhaitham A.
Al-Ghothami, Economic Advisor, General Authority of Zakat & Tax, Nauman Ahmed, Tax Partner, Deloitte &Touche (ME), Chadi Abou-Chakra, Director Indirect Tax and Fiscal Policy, PWC, KSA, Irfan Jawaid Nagi, Group CFO, Tanmiah Foods Group and Moderator, Adnan Mufti, Tax Partner, Moore Stephens Shekha& Mufti.
Mr Tim Douglas gave a very interesting presentation on “Business Failure: Prediction and Prevention”. On this occasion, ICAP KSA bestowed the awards for the Most Valued Contribution to the Profession (MVCP)Mr. Tareq Al Sadhan, Director General, GAZT and Mr. Asher Noor, Group CFO and Chief Investment Officer of Al-Touq Group.
The Institutes, organizers and participants lauded their dedication and worthy contribution to the profession of accountancy and congratulated them on receiving the illustrious MVCP awards.
The Symposium ended with a workshop on VAT where detailed presentations were given by Mr Adnan Mufti, Tax Partner, Shekha& Mufti and Syed Asif Zaman, President ICAP UAE Chapter.
Concluding remarks were given by Sarmad Khan, Chairman ICAP Overseas Committee followed by a vote of thanks by Mr. Mohammad Iqbal, President ICAP KSA. Master of Ceremony of the Symposium was Mr Abdullah Akbar, senior member of ICAP and Senior Director KPMG Jeddah.
The symposium was attended by over 300 accountancy professionals; among them were business leaders, CFO’s of leading corporates, senior partners of audit firms, SOCPA members and a large fraternity of members of ICAP.
For the first time, ICAP KSA arranged live streaming of the Symposium which had a very active viewership of over 5000 through the website of ICAP KSA and mobile applications on Android and IOS.
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