RIYADH: Saudi Arabia and China are fostering their cooperation in financial oversight and accountability sectors with a new agreement.
The president of the Kingdom’s General Court of Audit, Hussam Al-Angari, and the auditor general of the Asian country’s National Audit Office, Hou Kai, signed a memorandum of understanding for collaboration in the field of accounting, auditing, and professional work on Jan. 15 in Beijing, according to the Saudi Press Agency.
The deal aims to bolster cooperation between GCA and CNAO, specifically in the area of financial auditing, compliance, and performance auditing.
According to GCA, Al-Angari said that such collaboration would be realized through various research and consulting projects, as well as holding meetings, conferences, and training programs, all conducted within the framework of the International Organization of Supreme Audit Institutions and Asian Organization of Supreme Audit Institutions, of which the two parties are active members.
The GCA president added that the MoU is among the agreements his organization has entered into with counterpart institutions in different countries to share expertise.
Among the notable attendees at the signing ceremony was the Saudi Ambassador to China, Abdulrahman bin Ahmed Al-Harbi, who underscored the agreement’s significance in the context of bilateral relations.
Represented by GCA, Saudi Arabia has been elected to be president of the Asian organization from 2027 to 2030.
The regional selection was announced in a vote by the organization’s board of governors during its 59th meeting, a four-day event that took place in September 2023 in Busan, South Korea.
Al-Angari commented on the designation, stating that it would not have been achieved without the high status enjoyed by the Kingdom.
He added that the honor reflects the prominent leadership role and reputation of Saudi Arabia through its General Auditing Bureau, in the financial sector and the fields of auditing, drawing up public financial-monitoring policies at the regional and international levels, and its effective participation in policy development and decision-making related to international professional policies and practices.
Established in 1978, ASOSAI has 48 member states and is currently chaired by Thailand’s State Audit Office, while China’s auditor general carries out the duties of its General Secretariat.
The regional branch is affiliated with INTOSAI, which is considered the professional reference and international incubator for public financial oversight and accounting.
