Saudi Arabia and UK Strengthen Auditing Cooperation

London: A delegation from Saudi Arabia’s General Auditing Bureau met with officials from the UK’s National Audit Office to discuss enhancing cooperation and exchanging expertise in public sector auditing.

Key Areas of Focus:

• Performance Reviews: Exploring collaboration on performance reviews and financial statement analysis.
• Technical Capabilities: Enhancing technical capabilities and risk management frameworks.
• Value-for-Money Methodology: Improving quality and efficiency through the value-for-money methodology.

Shift to Accrual-Based Accounting: The meeting is significant as Saudi Arabia transitions from cash-based to accrual-based accounting in its public sector.

UK Support: Gareth Davies, the UK’s comptroller and auditor general, emphasized the importance of the meeting in fostering closer ties between the two bodies. He highlighted the significance of exchanging knowledge and expertise in areas such as accounting, auditing, and professional oversight, which will contribute to improving the performance and efficiency of both institutions.  

Conclusion: The meeting between Saudi Arabia and the UK’s National Audit Office marks a significant step towards strengthening cooperation and enhancing public sector auditing practices in both countries.