Saudi Gazette report
RIYADH —Minister of Finance Mohammed Al-Jadaan said that the new Financial Audit Law contributes to the early detection and efficient management of risks. “The law is a qualitative step that reflects a major shift in audit methodology and strengthens the legislative framework governing financial operations in public entities,” he said emphasizing that the goal is to anticipate risks, not to search for violations.

The minister made the remarks while inaugurating the first Financial Audit Forum in Riyadh on Sunday. Al-Jadaan noted that the forum coincides with the issuance of the Financial Audit Law, which enhances institutional cooperation among oversight bodies, particularly between the Ministry of Finance and General Court of Audit (GCA), through joint coordination teams and continuous communication channels, supporting integration and reducing duplication toward a shared goal of protecting public funds.

The forum titled “Raising awareness of the importance of financial audit and maximizing its impact,” was jointly organized by the Ministry of Finance and the GCA. Dr. Hussam Alangari, president of GCA, and more than 450 leaders and specialists in public finance are attending the forum.

Al-Jadaan emphasized that the Financial Audit Law enhances technical oversight and leverages government financial systems and data, and supports continuous monitoring. He emphasized that the goal is to anticipate risks, not to search for violations.

Al-Jadaan underscored the importance of public financial management as a cornerstone of developing government financial operations. He underscored the significant progress the Kingdom is witnessing as it works to achieve the objectives of Vision 2030. The minister praised the important role of the General Court of Audit and its professional efforts to improve audit practices and raise financial discipline, contributing to unified oversight efforts and more efficient public spending.

Addressing the forum, Alangari stated that the launch of the first Financial Audit Forum comes at a pivotal moment in the transformation of financial auditing, marked by the transition to accrual-based accounting in the public sector, one of Vision 2030’s objectives to improve the quality of financial statements and strengthen transparency and accountability. He emphasized that the forum opens important opportunities for all partners involved in financial auditing in its comprehensive sense, reflecting the advanced level of maturity now reached by the field, making it a reliable partner and enabler of development plans and their objectives.

The first panel session, titled “Financial audit: From objective to value creation,” reviewed recent developments in audit tools and methodologies, highlighting leading professional practices that enhance audit effectiveness in the public sector and strengthen compliance with applicable regulations.

The second session, “Foundational factors for financial audit and expected impact,” discussed the key factors that help maximize the impact of financial audit in promoting transparency and accountability, including developing human capital, strengthening legislative and regulatory enablers, enhancing technological integration across government platforms, and employing advanced digital tools to improve the accuracy and efficiency of audit processes.

The inaugural forum is set to become a specialized annual platform bringing together leaders, experts, and public finance practitioners from across government entities to strengthen partnerships, exchange knowledge, and highlight leading professional practices and practical experiences in the field of financial audit, contributing to enhanced transparency, improved spending efficiency, and strengthened financial governance in line with Vision 2030.

The forum aimed to advance awareness of financial audit and strengthen the partnership and complementary roles between GCA and the Ministry of Finance in auditing state revenues, expenditures, and all movable and immovable public assets, while enhancing government entities’ compliance with relevant regulations, bylaws, decisions, and instructions.