Saudi Minister of Finance Mohammed Al-Jadaan has said that the new Financial Control System constitutes 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.
Speaking at the 1st edition of the Financial Supervision Forum held at the General Court of Audit in Riyadh on Sunday, Al-Jadaan said the Kingdom must invest in national talent alongside regulatory reforms to build a modern financial oversight system.
He stressed the importance of enhancing institutional integration between the relevant authorities, especially between the Finance Ministry and the General Court of Audit, which contributes to unifying oversight efforts and reducing duplication.
According to Al-Jadaan, 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.
President of the General Court of Audit Hussam Alangari also said that organizing the forum in partnership with the Finance Ministry comes within the qualitative transformation that Saudi Arabia is witnessing in financial oversight during an era in which the country holds a leading global position in the management of public finances, characterized by governance, responsibility, and a high level of transparency.
He told the forum that the General Court of Audit has had strong foundations that have strengthened its role and independence as the supreme authority for public financial oversight and auditing.
Alangari pledged to strengthen the “deep partnership” with the Finance Ministry, describing it as a partnership cemented by trust and built on the foundations of cooperation across various fields.
The partnership has resulted in qualitative leaps, most notably what has been achieved in the exchange of information through full technical integration between the Etimad and Shamel platforms, he said.
