GCC Secretary General Highlights Member States' Commitment To Transparency And Accounting Excellence

The Gulf Cooperation Council (GCC) has made significant strides in transparency and accounting systems, according to Secretary General Jasem Mohamed Albudaiwi. At the 21st meeting of financial and accounting audit bureau heads in Doha, he praised Qatar for its support. Albudaiwi highlighted the GCC's achievements in cooperation and integration, aligning with the aspirations of member states' leaders and citizens.

Albudaiwi emphasized that the GCC's journey has led to notable accomplishments, fulfilling many goals set by its leaders. These objectives focus on enhancing cooperation across various fields. He noted ongoing efforts to achieve higher levels of integration, reflecting the ambitions of both leaders and citizens within the GCC.

The heads of financial and accounting audit bureaus are keen on approving decisions to boost Gulf cooperation in financial control. Albudaiwi stressed that this collaboration enhances financial transparency and credibility, supporting sustainable development and economic integration among GCC countries. "This serves as a clear indication of the importance of the existing cooperation among the GCC member states in this vital area," he stated.

He further explained that agreeing on regulatory guidelines shows commitment to international standards, boosting investor confidence and stabilising the Gulf economy amid challenges. "The consultation and agreement on regulatory guidelines reflect the commitment of the member states to international standards and best global practices," he added.

The Committee of Heads of Financial and Accounting Audit Bureaus is advancing towards cooperation in financial oversight. This progress involves improving public fund monitoring mechanisms and enhancing audit bureau collaboration through structured frameworks. These efforts align with strategies aimed at boosting performance efficiency and adopting top professional practices.

Albudaiwi also noted that GCC countries have achieved a distinguished regional status across political, economic, and investment sectors. They lead in various international indicators, matching advanced nations. "This is particularly significant as many countries and organizations are actively seeking to establish strategic partnerships with the GCC," he concluded.

The meeting was chaired by Abdulaziz bin Mohammed bin Ahmed Al Emadi, President of Qatar's State Audit Bureau, who presided over the current session.

With inputs from SPA