His Excellency the Minister of Finance, Mr. Mohammed bin Abdullah Aljadaan, spoke today at the headquarters of the General Auditing Bureau in Riyadh, at the 1st edition of the "Financial Supervision" Forum, attended by a number of Their Excellencies, representatives of governmental and supervisory agencies.
Minister Aljadaan said that the financial control system represents a fundamental pillar for enhancing the efficiency and sustainability of government work, protecting public money, and consolidating financial discipline, within the framework of the goals of Saudi Vision 2030.
He added that the issuance of the Financial Control System, which replaced the Financial Representatives System, constitutes a step that reflects a fundamental shift in the control methodology and the improvement of the legislative framework for financial work in government agencies, through a more flexible and comprehensive model that focuses on empowerment and the protection of public funds.
Minister Aljadaan stressed the importance of enhancing institutional integration between the relevant authorities, especially between the Ministry of Finance and the General Auditing Bureau, which contributes to unifying oversight efforts and reducing duplication. He explained that the success of this transformation depends on concerted efforts between regulatory authorities on the one hand, and authorities dealing with public money on the other hand, in a way that maximizes the impact in protecting public money and enhancing the efficiency of financial oversight.
In the context of the forum, the Deputy of the Ministry for Public Revenues and Acting Deputy for Financial Affairs and Accounts, Mr. Saud Albrik, explained during the first dialogue session entitled "Integration of Supervisory Roles in Preserving Public Money" that the system was the result of participatory work between the Ministry and the supervisory authorities., with the design of various supervisory methods that take into account the different natures of government agencies and their levels of maturity. He stressed that expanding the scope of entities subject to the system is based on a clear regulatory framework applied to every entity that deals with public funds, which enhances protection and improves regulatory practices compared to previous system.
The Assistant Deputy for Public Accounts and Reports, Mr. Mohammed Alnuwaisir, explained during the second dialogue session entitled "Building Capabilities for More Effective Oversight" The work went through stages, the first of which was a comprehensive assessment of the regulatory situation in government agencies, in addition to studying international experiences that contributed to designing multiple regulatory methods with a broader scope of application to include any agency that deals in public funds and takes into account the diversity of agencies, in addition to building and testing capabilities before submitting the system for accreditation.
This forum will be an annual specialized platform that brings together leaders, experts and specialists in public finance from various government agencies with the aim of enhancing partnership, exchanging knowledge, and reviewing the most prominent professional practices and practical experiences in the fields of oversight, which contributes to supporting transparency, increasing spending efficiency and activating the principles of financial governance in accordance with Saudi Vision (2030).
|