Financial Observers: Access to latest international practices in accounting fields

Acting Head of the Financial Oversight Authority, Nada Al-Suhaili, affirmed the Authority’s commitment to staying abreast of the latest international practices and trends in accounting, reporting, sustainability, and governance, and to leveraging international expertise to support the development of the financial oversight system in the public sector and enhance the efficiency of public financial management.

This statement was made by Al-Suhaili, head of the Kuwait delegation, in an interview with KUNA at the conclusion of the 43rd session of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting, under the United Nations Conference on Trade and Development (UNCTAD). The session was held at the United Nations Office in Geneva, beginning on September 30.

Al-Suhaili explained that the session’s meetings addressed several important topics, including the development of accounting and reporting infrastructure, and strengthening the institutional and human capacities necessary to implement internationally recognized sustainability reporting requirements. The discussions also covered considerations related to human capital in sustainability reporting, progress in technical cooperation projects, and the application of accounting development tools in member states.

She added that the Authority’s participation provided a valuable opportunity to exchange experiences and best practices with representatives of countries, international organizations, professional bodies, and specialized experts, and to learn from international practices and experiences that can be leveraged to develop government financial and oversight work in line with the laws and regulations in force in the State of Kuwait.

She emphasized the importance of continuing cooperation and exchanging knowledge and expertise with UNCTAD and the Intergovernmental Working Group of Experts, and of benefiting from specialized international initiatives and programs in the fields of accounting, oversight, reporting, and sustainability, thereby supporting the development of the professional and oversight capacities of national cadres.

Al-Suhaili also outlined the Financial Oversight Authority’s vision regarding the importance of preventive governance and its role in enhancing integrity, transparency, and the efficiency of government financial management, as well as supporting long-term institutional sustainability. She presented this perspective during her participation as a speaker at the event on “Building Organizational, Institutional, and Human Capacities” for implementing globally recognized sustainability reporting requirements.