Memorandum of Cooperation for the Settlement of 20,000 Accounting Jobs in the Private Sector

Citizen – Riyadh

The Ministry of Labor and Social Development, the Saudi Public Accountants Organization and the Human Resources Development Fund (HADAF) have signed a memorandum of understanding to create 20,000 20,000 accounting jobs in the private sector by the end of 2022 to increase the emiratization rate and stimulate the accounting and auditing industry for growth. And the vision of the 2030 Kingdom, Tuesday at the headquarters of the Ministry of Municipal and Rural Affairs in Riyadh.

The Minister of Labor and Social Development, Ahmed Bin Sulaiman Al-Rajhi, and HE Mr. Hamad Bin Mohammed Al-Sheikh, Minister of Education and Director General of the Human Resources Development Fund, Dr. Mohammed bin Ahmed Al-Rajhi Sudairy.

The memorandum was signed by the undersecretary of the Ministry of Localization, Ghazi Al Shahrani, the Secretary General of the Authority, Mr. Ahmed Al-Moghams, and the Deputy Director General of Hadaf for the support of the Employment, Mr. Fahd Al-Omran.

The Memorandum of Understanding is the result of the integration and consolidation of efforts to stimulate the emiratisation of the accounting sector and to strengthen the national economy through cooperation and partnership between the public and private sectors to enable the sons and girls in the country to secure jobs in various sectors, including the accounting sector.

The ministry will review and analyze the current state of the labor market accounting and auditing professions, monitor occupational exposure indicators for these jobs, enact legislation and regulations that contribute to the achievement of objectives, and increase rates of employment. using appropriate mechanisms, and monitor their implementation. Relationship with the development of laws and regulations related to the licensing of accountants and the development of educational and training programs in educational institutions whose content is approved by the Commission, and the work to achieve the resettlement objectives agreed in the memorandum through the preparation of Program and initiatives for the rehabilitation of researchers working in the same sector.

In accordance with the terms of the Memorandum of Understanding, the objective will be to provide compensation and employment support programs to the targeted occupations, in addition to supporting the training and qualification programs offered by the Accounting body, to enable the accounting sector to achieve the resettlement objectives.

The provisions of the memorandum emphasized the need for practitioners in the accounting and auditing professions, as well as complementary or auxiliary professions, to be accredited by the Institute of Accountants when they solicit the following services (modification of the profession, issuance of recruitment visas, issuance or renewal of work permit through a professional registration).

The memorandum also included the commitment to monitor and follow the implementation of the emiratization plan in the targeted professions, the list of priority professions, the constitution of a joint working team composed of specialists stakeholders, responsible for formulating the working mechanism, submitting a detailed plan and submitting periodic progress reports on the common elements. From the memorandum.

The Minister of Labor and Social Development thanked the efforts of the Directorate General of Chartered Public Accountants and confirmed the commitment of expatriates to give the Commission the authorization to provide distinguished executives in the fields of accounting.

Ahmed Al-Moghames, Secretary-General of the Saudi Organization of Certified Public Accountants, said: "The Saudi Body of Certified Public Accountants is the body responsible for the accounting profession and its evaluation. works effectively to implement rehabilitation and training programs in accounting and auditing.We will target the priority professions to increase the percentage of national executives, including general accountant, accountant, auditor, financial controller, internal auditor, controller Financial audit.Professional generation of expatriates, which will be mandatory for all expats working in the accounting sector will undoubtedly help in the inventory of actual numbers of employees in the participants of the accounting sector and the 39, elaboration of future plans for indigenization that require national capacities empowered "

"We hope that the efforts of the Saudi Organization of Accountants, through cooperation with the Ministry of Labor and Social Development and the Human Resources Fund, will be successful in the interest of the accounting profession and its Kingdom employees, which will help increase the contribution of national executives to the labor market.Their productivity through different possibilities "

It is worth mentioning that the signing ceremony was honored by His Excellency the Minister of Education and stems from his interest in creating the educational structure in the Kingdom, as required by the Saudi labor market .