The National Center for Meteorology in Saudi Arabia issued an advanced warning regarding the expected weather conditions today (Thursday), indicating the possibility of moderate to heavy thunderstorms in 7 major regions, which increases the likelihood of flash floods in a number of valleys and low-lying areas.

According to the center's report, the weather will be accompanied by hail and strong winds. The areas directly affected include large parts of Madinah, Qassim, Hail, Tabuk, Al-Jawf, and the Northern Borders region, with the impact extending to the northern parts of the Eastern Province. The report also indicated that the highlands of the western and southwestern regions of the Kingdom may experience light to moderate rainfall. The center further warned of the continued impact of strong winds stirring up dust and sand, which may lead to near-zero horizontal visibility in parts of the aforementioned regions, as well as parts of the Riyadh region, necessitating extreme caution from drivers.

The climatic context and the importance of rainfall for the Kingdom

These weather fluctuations are part of the climatic patterns the Kingdom experiences during transitional periods of the year, as the region is affected by the convergence of different air masses. These rains, locally known as "rains of goodness," are of strategic importance to Saudi Arabia's desert environment, as they directly contribute to replenishing groundwater reservoirs upon which large parts of the country depend. They also revitalize vegetation and natural pastures, and effectively support the agricultural sector.

Expected effects and calls for caution

Despite their benefits, heavy rainfall poses a significant challenge and a source of danger if not handled with caution. The greatest risk lies in the formation of flash floods that flow rapidly through wadis (valleys). Accordingly, relevant authorities, primarily the General Directorate of Civil Defense, have issued repeated warnings to citizens and residents, urging them to exercise extreme caution, stay away from wadis and low-lying areas, and avoid crossing them during rainfall. They also emphasized the importance of following official alerts issued by the National Center of Meteorology and adhering to instructions to ensure the safety of lives and property.

The Saudi Organization for Certified Public Accountants (SOCPA) announced that it has taken decisive measures to ensure adherence to professional ethics and standards, referring two individuals to the Public Prosecution for committing crimes stipulated in the Accounting and Auditing Profession Law. This step comes as part of the organization's ongoing efforts to enhance transparency and reliability in the Kingdom's economic environment.

Specifically, the Authority's initial investigations revealed two separate cases. The first involved an individual who continued to practice and issue an audit report on a company's financial statements despite having previously been revoked, a clear violation of regulations and a deliberate attempt to mislead users of financial statements. The second case involved a licensed accountant who intentionally concealed material information that should have been disclosed in his audit report, thereby undermining the report's credibility and eroding the trust that investors and stakeholders place in the accounting profession.

The organizational context and the importance of the accounting profession

These measures are based on Article 10 of the Accounting and Auditing Profession Law, which explicitly criminalizes any practice intended to mislead the public, whether by implying the right to practice the profession without a valid license, or by providing false statements or concealing material information in financial reports and documents. The Saudi Organization for Certified Public Accountants (SOCPA), as the regulatory body for the profession in the Kingdom, plays a pivotal role in oversight and supervision to ensure the application of the highest professional and ethical standards and to protect the national economy from malpractices.

Impact on the investment environment and Vision 2030

These measures are of paramount importance within the context of the economic transformations underway in Saudi Arabia as part of Vision 2030. The Vision aims to attract foreign and domestic investment by providing a transparent and secure investment environment. Reliable financial reporting is the cornerstone of building investor confidence, as investors rely on it to make informed decisions. Firmly enforcing regulations against violators sends a strong message to local and international markets that the Kingdom is committed to enhancing governance, integrity, and transparency in the business sector, thereby strengthening its position as a trusted regional and global financial center.

Such referrals to the Public Prosecution are not only intended to punish violators, but also serve as a strong deterrent to prevent the recurrence of such practices. They also raise awareness among accountants of their professional and legal responsibilities, and underscore that there will be zero tolerance for any practices that could harm the integrity of the profession or mislead users of financial statements.

The Authority reiterated its commitment to continuing its oversight and inspection efforts, urging all licensees to fully comply with regulations, rules, and professional standards to avoid legal liability and to contribute to building a strong and sustainable economy based on trust and credibility.