Financial Supervisory Authority: Strengthening Transparency, Accountability, and Public Resource Management Principles
The Financial Supervision Authority (FSA) affirmed today, Tuesday, the importance of strengthening the principles of transparency, accountability, and sound management of public resources, emphasizing the need to shift from post-audit oversight to preventive oversight, thereby enhancing the efficiency of government financial management and mitigating risks before they materialize.
This statement was made by Nada Al-Suhaili, Chairperson of the FSA, during the 43rd meeting of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) under the United Nations Conference on Trade and Development (UNCTAD), held in Geneva until October 2.
During the meeting, Al-Suhaili presented Kuwait’s experience in governance and preventive financial oversight, highlighting their role in supporting institutional sustainability and safeguarding public funds, alongside the Authority’s vision for developing oversight systems and enhancing their effectiveness in supporting government financial decision-making.
She stressed the importance of improving the quality of both financial and non-financial information as a fundamental pillar for supporting decision-makers and strengthening the capacity of government institutions to respond to sustainability requirements. She also emphasized the need to develop human and institutional capacities, and to leverage modern technologies, digital transformation, and artificial intelligence in advancing financial oversight systems.
Al-Suhaili noted that institutional sustainability does not begin with the preparation of a report, nor does effective oversight start after an error has occurred. In this context, she underscored the importance of building preventive oversight systems capable of supporting the decision-making process, enhancing integrity and transparency, protecting public funds, and achieving long-term sustainability.
The Kuwaiti delegation to the FSA, in addition to Chairperson Nada Al-Suhaili, included Fouad Al-Tabtabaee, Director of the Financial Supervision Department; Ali Al-Shamari, Director of the Financial Supervisors’ Office; and Dina Al-Subaih, Assistant Financial Supervisor. Their participation was part of the Authority’s involvement in the meeting and its side events.
The FSA’s participation in the meeting aligns with Kuwait’s commitment to strengthening its presence at international forums focused on governance, sustainability, and financial reporting, as well as benefiting from international expertise and practices and exchanging experiences with participating institutions and organizations.
The participation also reflects the Authority’s interest in enhancing cooperation with UNCTAD and the ISAR, contributing to the development of oversight practices and supporting efforts to achieve the Sustainable Development Goals.
The meeting’s proceedings are preceded by an event taking place today on building the organizational, institutional, and human capacities necessary to implement globally recognized sustainability reporting requirements.
