Both parties explored ways to improve auditing processes and overall public sector efficiency. They focused on the value-for-money auditing methodology, emphasizing the importance of effective planning, thorough implementation, and impact measurement. This approach is vital for enhancing transparency and ensuring optimal use of public resources.
One of the key points of the discussion was Saudi Arabia’s ongoing transition from cash-based accounting to an accrual-based system within its public sector. This shift aims to improve the precision and reliability of financial reporting, and the UK’s experience in implementing such systems offers valuable insights for the Saudi delegation.
During the visit, the Saudi team met with Gareth Davies, the UK’s Comptroller and Auditor General. Davies underscored the importance of the meeting in fostering closer ties between the two auditing bodies. He emphasized the significance of sharing knowledge and best practices in areas such as accounting, auditing standards, and professional oversight. These efforts aim to enhance the performance and efficiency of both institutions.
Davies further highlighted that strengthening collaboration between Saudi Arabia and the UK in auditing practices would not only improve institutional efficiency but also promote transparency and accountability in government operations. This partnership aligns with Saudi Arabia’s broader Vision 2030 initiative, which seeks to modernize the Kingdom’s public sector and promote sustainable economic development.
As the two nations continue to build on this relationship, the exchange of expertise is expected to play a crucial role in elevating the auditing standards and practices within Saudi Arabia’s public sector. The ongoing cooperation is seen as a significant step toward fostering international partnerships that drive public sector reforms and enhance governance.
