Financial Observers: Eager to review latest international practices in accounting - Sarmad

The Acting Head of the Court of Audit, Nada Al-Suhaili, 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 statement was made by Al-Suhaili, head of the Kuwait delegation, at 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). The session was held at the United Nations Office in Geneva, beginning on September 30.

Al-Suhaili noted that the session’s meetings addressed several key topics, including the development of accounting and reporting infrastructure, and strengthening the institutional and human capacities required 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’s participation provided an important opportunity to exchange expertise and experiences with representatives of countries, international organizations, professional bodies, and specialized experts, and to learn from international practices and experiences that could be leveraged to develop government financial and oversight work in alignment with the laws and systems in force in the State of Kuwait.

Emphasizing the importance of continuing cooperation and knowledge and expertise exchange with UNCTAD and the Intergovernmental Working Group of Experts, she highlighted the value 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.

Al-Suhaili 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 government financial management, as well as supporting long-term institutional sustainability. She delivered these remarks as a speaker at the side event titled “Building Organizational, Institutional, and Human Capacities to Implement Internationally Recognized Sustainability Reporting Requirements.”

In the same context, Al-Suhaili 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. This would facilitate the exchange of experiences, showcase Kuwait’s experience in government financial oversight, and enable the adoption of best international practices in accordance with the legal environment and systems in force in the State of Kuwait.

The Kuwait delegation to the Court of Audit, in addition to Acting Head Nada Al-Suhaili, included 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.