Contribute to Enhance Transparency and Facilitate Depositing the Financial Statements for Commercial Institutions
As MCI continues its pursuit in promoting transparency in the Saudi market, and serving the Commercial Institutions in the Kingdom, the Ministry announced depositing more than 68 financial statements belonging to joint-stock, limited liability and individual companies through “Qawaem” electronic platform. MCI pointed out that more than 19 Accounting Offices had participated and deposited the financial statements electronically. This step will facilitate and organize the process of depositing the financial statements electronically.
This came after the Ministry had announced on the first of last January that it would stop receiving paper financial statements, following a decision by H.E. the Minister of Commerce and Industry, Dr. Tawfiq Bin Fawzan Al Rabiah, Chairman of the Board of Directors of the Saudi Organization for Certified Public Accountants, to amend Article IX of the Implementing Regulations of Chartered Accountants , which requested those enrolled in the Chartered Accountants registration at the Ministry to provide their financial statements and reports by depositing them via the electronic depositing program "Qawaem".
The Ministry confirmed that the electronic platform would contribute in providing the relevant authorities with the financial statements and information quickly and with high accuracy, as well as at the right time, in addition to providing a data base to be used by analysts, government authorities and researchers. MCI pointed out that the conversion of paper financial statements to electronic, and to be deposited automatically, contribute to support the credibility of the financial statements for the beneficiaries such as the Ministry of Commerce and Industry, the Department of Zakat and Income, commercial banks and others.
This electronic program provides important economic information that may give great assistance to planners, as well as identify any deviations in the institutions performance, through comparing the performance indicators automatically.
MCI called on all beneficiaries who wish to enter the web site of the financial statements to access the link: qawaem.sa
Meanwhile, H.E. Minister of Commerce and Industry, Dr. Tawfiq Bin Fawzan Al Rabiah has honored, in his office, a group of business owners and accounting offices for depositing the financial statements in this program electronically. This is within the context of the Ministry`s keenness on making this project contribute in promoting transparency and serving the commercial institutions in the Saudi market.
The following table shows a list of companies that have been honored:
Name of Company
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Al Kamal Office for Import Co., Ltd.
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Abdul Mohsen Abdullah Ibrahim Al Jeriawi Est. for Contracting
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International Mediterranean Co. for Contracting
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Al Asser Construction Co. Limited
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Services and Rapid Achievement Trading Co.
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Dr. Mohammed Rashid Al-Faqih and Partners
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Taibat Al Khair Development Co. Limited
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Al Dahlawi Factory for Metal Furniture, owner / Nabil Yahia Dahlawi
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WSJ Arabian Company
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Hail Cement Company
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Drees Co. for Petroleum & Transport Services (AlDrees)
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Riyadh Construction Company
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The following table shows the names of the Accounting Offices that have been honored:
Accounting Office
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Mr. Ayouti & Partners, Chartered Accountants and Auditors
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Bassam Mohammed Al Bakaawi Company and Partner, Chartered Accountants and Auditors
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Chartered Accountant Office, Ashraf Bassas
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Omar Saifuddin Sa`ati Office, Auditors and Chartered Accountants
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Dr. Eid Al-Shammari Office, Chartered Accountants and Auditors
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Mohammed Abdullah Mila`t, Chartered Accountants and Auditors
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Ernest & Young & Partners, Chartered Accountants
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Al Azzim and Sudairi, Chartered Accountants and Auditors
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