GCA And Ministry Of Finance Launch First Financial Audit Forum To Enhance Public Sector Oversight

The first Financial Audit Forum, held under the theme "Raising Awareness of the Importance of Financial Audit and Maximizing its Impact," brought together senior officials and specialists to discuss how stronger auditing can support public finances, safeguard state assets, and reinforce transparency across government entities in line with Saudi Arabia’s Vision 2030 objectives.

The forum was jointly organised by the General Court of Audit (GCA) and the Ministry of Finance and drew more than 450 leaders and experts in public finance. Minister of Finance Mohammed Aljadaan and GCA President Dr. Hussam Alangari attended, underlining the event’s focus on cooperation between oversight bodies and financial authorities within the Kingdom.

Discussions at the Financial Audit Forum centred on how financial audit can enhance the management of state revenues, expenditures, and all movable and immovable public assets. Participants examined ways to strengthen government entities’ adherence to financial regulations, bylaws, decisions, and instructions, and to consolidate oversight efforts that aim to improve spending efficiency and protect public funds.

Mohammed Aljadaan highlighted that sound public financial management is a key element in developing government financial operations. Aljadaan pointed to the progress Saudi Arabia is witnessing while working toward Vision 2030, explaining that upgraded audit practices and better financial discipline help ensure public resources are used efficiently and support national development goals.

Aljadaan noted that the Financial Audit Forum coincides with the issuance of the Financial Audit Law, which represents a major shift in how public entities are audited. The law strengthens the legislative framework for financial operations in government bodies and improves institutional coordination among oversight institutions, especially between the Ministry of Finance and the GCA.

According to Aljadaan, the Financial Audit Law encourages joint coordination teams and continuous communication channels between the two institutions. These mechanisms are intended to increase integration, reduce duplication of work, and align both organisations around a common objective: protecting public funds and reinforcing confidence in the state’s financial management systems.

Financial audit transformation and Vision 2030 objectives

Dr. Hussam Alangari stated that launching the first Financial Audit Forum comes at an important stage in the evolution of financial auditing in Saudi Arabia. Alangari linked this timing to the public sector’s move to accrual-based accounting, one of Vision 2030’s aims designed to improve the quality of financial statements and strengthen accountability.

Alangari added that the Financial Audit Forum provides new opportunities for partners involved in financial auditing in its comprehensive sense. The field, according to Alangari, has now reached a mature level that enables it to act as a trusted partner supporting national development plans, while backing efforts to enhance transparency across the public sector.

Financial audit sessions, tools and methodologies

The first session at the Financial Audit Forum, titled "Financial Audit: From Objective to Value Creation," explored recent developments in audit methodologies and tools used in the public sector. Panellists discussed leading professional practices that can increase the effectiveness of audits and help government entities comply more closely with applicable laws and regulations.

The second session, "Foundational Factors for Financial Audit and Expected Impact," reviewed the conditions needed to maximise financial audit’s role in promoting transparency and accountability. Speakers addressed developing human capital, improving legislative and regulatory enablers, and enhancing technological integration across government platforms, alongside the use of advanced digital tools to raise the accuracy and efficiency of audit procedures.

Session discussions at the Financial Audit Forum also highlighted the importance of knowledge exchange among public finance professionals. Experts stressed that sharing practical experiences and successful approaches supports more consistent application of audit standards across entities, which in turn helps align financial practices with national strategies and international best practice benchmarks.

The inaugural Financial Audit Forum is expected to become an annual specialised platform that gathers leaders, experts, and practitioners from various government entities. Organisers aim for the forum to reinforce partnerships, encourage the exchange of expertise, and showcase professional practices in the field of financial audit, contributing to stronger financial governance, greater transparency, and improved spending efficiency in support of Vision 2030.

With inputs from SPA