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Wednesday , November 20 2019

Audit Bureau marks 55 years of establishment; eye on cash

‘Strategic vision 2016-2020 targeted’

KUWAIT CITY, July 6, (KUNA): The State Audit Bureau of Kuwait marks Sunday its 55th establishment anniversary as an entity in charge of monitoring public wealth.

The bureau was founded on July 7, 1964 to be the chief audit authority to provide and propose solutions to dilemmas of financial nature for state and government bodies. According to article 151 of the Kuwaiti Constitution, the country must establish a body to monitor financial matters.

The body is connected to the National Assembly and must present an annual report on the state’s income, spending and management of accounts. Speaking to KUNA on Saturday, SAB’s assistant undersecretary for financial and administrative affairs Essam Al-Mutairi noted that the bureau aims to achieve its strategic vision 2016-2020 themed “sustainable professional excellence” to develop SAB’s monitoring tasks. SAB monitors ministries, administrations, public authorities, municipalities, companies that the government has a percentage of no less than 50 percent in their capital and companies that use or run public properties, he said.

Meanwhile, Al-Mutairi underlined SAB’s achievements in 2018 including winning the first place in the elections for the Governing Board members of the Asian Organization of Supreme Audit Institutions (ASOSAI) in Vietnam. The bureau also signed six cooperation agreements with its counterparts in Poland, South Africa, the US, the Maldives, Morocco and Turkey. Moreover, SAB organized about 12 regional and international events including seminars, training program and hosting international forums, he added.

By Khaled Al-Mutairi

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