The General Authority of Zakat and Tax (GAZT) in the Kingdom of Saudi Arabia, has recently discovered Financial Reporting manipulations of a few enterprises as reported by Al Watan newspaper.
The Saudi Organisation for Certified Public Accountants (SOCPA) will punish the manipulators of Company financial statements while the General Authority of Zakat and tax are set to impose penalties.
The manipulations in some companies showed intentional reporting of false data intending to evade tax. While the extent and exactness of the manipulations are still under examination, these were uncovered with the support of electronic linkages amongst competent authorities. To increase confidence in corporate financial statement which are endorsed by licensed accountants and to deter repetition of such violations in the future, the GAZT is gearing to sign a Memorandum of Understanding with the SOCPA to report violations.
The recent discoveries have pushed the GAZT to incorporate further electronic linkages within the financial reporting framework. It aims to achieve this goal by teaming with the Ministry of Commerce to open the “Qawaem” portal to submit Financial Statements by all enterprises and companies.
Source: Arab News
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