His Excellency the Minister of Finance, Mohammed bin Abdullah Aljadaan, spoke at the first “Financial Supervision” Forum held at the General Auditing Bureau headquarters in Riyadh. The event was attended by representatives from various government and supervisory agencies.
Aljadaan stated that the financial control system is a key element for improving efficiency and sustainability in government operations. He said it helps protect public funds and supports financial discipline as part of Saudi Vision 2030 goals. According to Aljadaan, “the issuance of the Financial Control System, which replaced the Financial Representatives System, constitutes a step that reflects a fundamental shift in the control methodology and the improvement of the legislative framework for financial work in government agencies, through a more flexible and comprehensive model that focuses on empowerment and the protection of public funds.”
He highlighted the importance of institutional integration between relevant authorities, especially between the Ministry of Finance and the General Auditing Bureau. He explained this would help unify oversight efforts and reduce duplication. Aljadaan added that successful transformation depends on cooperation among regulatory bodies and those handling public money to maximize protection of public resources and improve oversight efficiency.
During a dialogue session titled “Integration of Supervisory Roles in Preserving Public Money,” Saud Albrik, Deputy of the Ministry for Public Revenues and Acting Deputy for Financial Affairs and Accounts, noted that development of the new system resulted from joint work between the Ministry and supervisory bodies. He said different oversight methods were designed to match various types of government entities and their maturity levels. Albrik emphasized that expanding coverage to all entities dealing with public funds is guided by a clear regulatory framework intended to enhance protection compared to previous practices.
In another session called “Building Capabilities for More Effective Oversight,” Assistant Deputy for Public Accounts and Reports Mohammed Alnuwaisir described how implementation began with a thorough assessment of regulatory conditions in government agencies. International experiences were also reviewed when designing new methods, aiming for broader application across any entity managing public funds while considering agency diversity. Capabilities were built and tested before submitting the system for approval.
The forum is planned as an annual platform where leaders, experts, and specialists from different government bodies will exchange knowledge about oversight practices. The goal is to support transparency, improve spending efficiency, and promote principles of financial governance in line with Saudi Vision 2030.
