The
adopted methodology in development was similar to the one opted for in
developing the profession of accounting and auditing in the kingdom. All
development procedures were completed including the preparation of the Act ,
incoporation of a specialized organization to handle financial analysis
profession in the Kingdom of Saudi Arabia.. (Further details will be mentioned
later).
Since
the financial analysis serve categories such as the economic establishment ,
whether governmental , commercial or personal ; their services are varied and
include investment management , financial risk analysis , financial policies
design and to make sure of their implementation , furthermore , they are highly
linked to the financial markets because they started and developed with them.
The importance of its service increasing after the collapse of the financial
markets in the USA , South Asia and South America through the past two decades and
the arrived at conclusion that the limitation in the financial analysis
operation was one of the important reasons which lead to that collapse . One of
the solutions which have been emphasized was the consolidation of financial
analysis agencies and the development of the required essentials to achieve it
private and public objectives even if they differed in the details according to
the environment of the countries in which they operate. Some of these important
essentials are the creation of rules and standards to be adopted by the
financial analysis , the determination of the essential professional ,
practical and scientific requirements for those to the granted licensees to
practice the profession by the state; the channels for rehabilitating them to acquire
these requirements ; their development and to determine their responsibilities
before the beneficiaries for whom they present their services ; in addition to
controlling the efficiency of their works.