Saudi Arabia: Calls for Enhanced Accountability, Governance Mechanisms in Public Sector

Saudi government auditors meet to discuss the public sector, Asharq Al-Awsat
Saudi government auditors meet to discuss the public sector, Asharq Al-Awsat
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Saudi Arabia: Calls for Enhanced Accountability, Governance Mechanisms in Public Sector

Saudi government auditors meet to discuss the public sector, Asharq Al-Awsat
Saudi government auditors meet to discuss the public sector, Asharq Al-Awsat

Control specialists have called for the need to strengthen mechanisms of oversight and accountability and the implementation of governance in the Saudi public sector.

They also urged to apply tools of governance to official bodies in the Kingdom.

The specialists called for adopting independent government committees concerned with overseeing the auditing department’s work in government agencies. This, according to the specialists, will achieve continuous improvement and permanent monitoring of internal work.

These remarks were given at the first forum held on internal audits, organized by the General Auditing Bureau. Held in Riyadh, the forum witnessed the presence of 200 participants from various government agencies.

President of the Saudi General Auditing Bureau (GAB) Hussam Al-Anqari confirmed the importance of developing the role of internal audit departments in government agencies through identifying and implementing the most modern scientific and practical aspects of auditing.

The Saudi Electricity Company presented its personal experience in the process of internal control and auditing.

The forum, in its several sessions, discussed contemporary problems facing internal audits and means to develop the activation of governance mechanisms. It also highlighted the challenges faced by internal audit departments.

In addition to discussing the quality of performance of internal audit units in public sector establishments, the forum addressed ways to develop training workshops for auditors.

The forum aimed at highlighting the importance of internal audits and their role in enhancing control and governance in the government sector, as well as boosting the transfer of professional expertise, cooperation and intergovernmental agencies’ joint work in the areas of accounting and control.



Russia's Novak: Oil Market Balanced Thanks to OPEC+

Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024.  REUTERS/Olesya Astakhova
Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024. REUTERS/Olesya Astakhova
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Russia's Novak: Oil Market Balanced Thanks to OPEC+

Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024.  REUTERS/Olesya Astakhova
Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024. REUTERS/Olesya Astakhova

The global oil market is balanced thanks to the actions of OPEC+ countries and compliance with its quotas, Russian Deputy Prime Minister Alexander Novak said on Friday following a Russia-OPEC meeting.
OPEC+ countries, which are pumping around half the world's oil, are taking all necessary decisions to maintain market stability, Novak also said after meeting OPEC Secretary General Haitham Al Ghais in Moscow.
"Today, while discussing the situation and forecasts, we assess the current market as balanced. That's thanks primarily to the actions of OPEC+ countries and coordinated actions to comply with the quotas, voluntary commitments of OPEC+ count," Novak said.
The meeting comes as OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, prepares to meet on Dec.1.