INTOSAI Development Initiative Board Gathers In Riyadh To Discuss Global Auditing Standards

The INTOSAI Development Initiative Board of Directors recently held a significant meeting in Riyadh on March 19-20, marking a pivotal moment for the global auditing community. Dr. Hossam bin Abdul Mohsen Al-Anqari, President of the General Auditing Bureau, represented the Kingdom of Saudi Arabia as a member of the Board of Directors. This gathering also saw participation from leaders of the INTOSAI Development Initiative from across the globe, including the UK, Brazil, Norway, Austria, South Africa, Kenya, and Bhutan.

The primary focus of this assembly was to evaluate the progress and impact of various initiatives undertaken by the INTOSAI Development Initiative. These initiatives are crucial as they provide technical support to regulatory bodies in developing countries, aiming to enhance their performance levels significantly. The Board meticulously reviewed both financial and performance reports for the past period, alongside the budget for 2023.

Another critical discussion point was the international evaluation report concerning supreme institutions of public financial oversight and accounting for the year 2023. This report is vital for understanding the global landscape of financial oversight and identifying areas for improvement. Furthermore, the final results of the initiative’s strategic plan covering the period from 2019 to 2023 were discussed, along with new policies aimed at furthering their mission.

The General Auditing Bureau's involvement in INTOSAI extends beyond mere participation. The Kingdom holds several key leadership positions within INTOSAI, including that of Second Vice President and Chairman of the organization’s Policy, Financial, and Administrative Affairs Committee. Additionally, it chairs the Steering Committee for INTOSAI’s cooperation with the donor community in partnership with the World Bank.

This meeting underscores the Kingdom's active role and commitment to enhancing global financial oversight and accountability through its leadership positions within INTOSAI. Such international collaborations are essential for developing robust financial oversight mechanisms worldwide, ultimately leading to more transparent and accountable governance.

With inputs from SPA