1. Page 1 | Proprietary and Copyrighted Information Status of Adoption – Saudi Arabia Reyaz Mihular, IESBA Member IESBA Meeting Madrid, Spain March 14-16, 2016

2. Page 2 | Proprietary and Copyrighted Information The Standard Setter EIOC – Adoption of the Code Saudi Organization for Certified Public Accountants (SOCPA) SOCPA is a member of IFAC

3. Page 3 | Proprietary and Copyrighted Information Legal Form The name of the Saudi independence code: –“SOCPA Code of Conduct and SOCPA Accountants regulations” Effective from 02 October 1994 EIOC – Adoption of the Code

4. Page 4 | Proprietary and Copyrighted Information Level of Convergence SOCPA has not adopted the IESBA Code, but has its own “Professional Code of Ethics” which is broadly in line with IESBA Code EIOC – Adoption of the Code

5. Page 5 | Proprietary and Copyrighted Information Key Differences Key differences between SOCPA and IESBA include: –Prohibition on provision of non-audit services to audit clients –Independence requirement in the Companies and establishments in which the practicing member is a partner or a relative within the fourth degree to one of the founders or to one of the Board of Directors’ members EIOC – Adoption of the Code

6. Page 6 | Proprietary and Copyrighted Information Developments No developments to local independence rules currently in process or proposed EIOC – Adoption of the Code

7. Page 7 | Proprietary and Copyrighted Information Public Interest Entities Concept of a PIE is not defined by the local laws or regulations or SOCPA EIOC – Adoption of the Code

8. Page 8 | Proprietary and Copyrighted Information Questions EIOC – Adoption of the Code

9. The Ethics Board www.ethicsboard.org