Today, Wednesday, the Saudi Ministry of Finance launched an initiative to support and develop financial control work, which aims to develop the supervisory role of the Ministry of Finance by keeping pace with the latest global practices in financial control methods, and benefiting from the technical development witnessed by the Kingdom, which contributes to achieving the goals of the Kingdom’s Vision 2030. .
According to a statement by the ministry, the pilot project for self-censorship emerged from the initiative, which aims to conduct a field study on the extent to which self-censorship can be applied to government agencies to raise their oversight efficiency, and enhance roles and responsibilities and the principle of accountability and transparency for parties related to financial control.
Through the project, work was conducted on evaluating the efficiency of the internal control systems in the applicable entities, in addition to designing the controls for the departments related to financial operations, testing their application in order to ensure their suitability to the nature of the government sector, and developing a plan to raise the level of control efficiency for each entity, based on the results of the project. The evaluation, international best practices, international experiences, and recommendations of the World Bank were reviewed, in order to create control methods commensurate with the nature of the government sector.
The Ministry concluded from the project the need to create a flexible regulatory mix, consisting of (direct supervision – self-monitoring – digital and technical control – monitoring reports) to be applied to government agencies according to the level of regulatory efficiency of the entity, which contributes to raising the supervisory efficiency in the government sector, and raising awareness of financial control among Related parties, in addition to strengthening the supervisory responsibility of government agencies, governance and improving financial control procedures, as well as converting manual control procedures into automated procedures.
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