Financial Supervisory Authority: Committed to Adopting Latest International Practices in Accounting

Geneva, October 3 (KUNA) -- Nada Al-Suhail, Acting Head of the Court of Audit, affirmed the institution’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 was stated in an interview with the Kuwait News Agency (KUNA) on Friday evening, following the conclusion of the 43rd session 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), which opened at UN headquarters in Geneva on September 30.

Al-Suhail, head of the Kuwait delegation, explained that the session’s meetings addressed several key topics, including the development of accounting and reporting infrastructure, and strengthening the institutional and human capacities necessary to implement internationally recognized sustainability reporting requirements. 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 Court of Audit’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.

Al-Suhail emphasized the importance of continuing cooperation and exchanging knowledge and expertise with UNCTAD and the ISAR, and of benefiting from specialized international initiatives and programs in the fields of accounting, oversight, reporting, and sustainability, to support the development of the professional and oversight capacities of national cadres.

She also presented the Court of Audit’s vision on the importance of preventive governance and its role in enhancing integrity, transparency, and the efficiency of public financial management, as well as supporting long-term institutional sustainability, during her participation as a speaker at the event titled “Building Organizational, Institutional, and Human Capacities to Implement Globally Recognized Sustainability Reporting Requirements.”

In the same context, Al-Suhail expressed the Court of Audit’s aspiration to continue its active participation in future sessions and to strengthen its presence in relevant international discussions and initiatives, thereby facilitating the exchange of experiences, highlighting Kuwait’s experience in government financial oversight, and benefiting from international best practices in accordance with the legal environment and regulations in force in the State of Kuwait.

The Kuwait delegation to the Court of Audit included, in addition to Acting Head Nada Al-Suhail, Fouad Al-Tabtabaei, Director of the Financial Oversight Department; Ali Al-Shammari, Director of the Office of the Financial Controllers; and Dina Al-Subaih, Assistant Financial Controller.

The 43rd session concluded with the adoption of its report and the discussion of the provisional agenda for the next session. (End) A.M.Kh./T.M.A