Comptroller and Auditor General signs MoU with Saudi Arabia's General Court of Audit
On August 29, the Controller and Auditor General of India, Girish Chandra Murmu, signed a Memorandum of Understanding with the General Court of Audit of Saudi Arabia. This MoU aims to enhance bilateral cooperation in public sector auditing by promoting expertise exchange.
In a significant step towards enhancing international cooperation in public sector auditing, the Controller and Auditor General of India (CAG), Girish Chandra Murmu signed a Memorandum of Understanding (MoU) with the General Court of Audit of Saudi Arabia. The agreement signed on August 29 was formalized during a bilateral meeting with Hussam Abdulmohsen Alangari, President of the General Court of Audit in Riyadh.
The MoU is designed to fortify the collaborative relationship between the audit institutions of the two countries by promoting the exchange of expertise and resources. Key aspects of the MoU include the joint development and implementation of training programs focused on financial, performance, and compliance audits. As per the agreement, both parties will also share their audit manuals and methodologies, which are crucial for enhancing auditing standards and practices.
"Our commitment to a strong bilateral relationship is a testament to the shared values and objectives of our institutions. This agreement will reinforce the bonds between our SAIs and our nations," Murmu stated. The CAG further stated that the cooperation would bolster the capacity development efforts and facilitate the exchange of valuable knowledge and information between the two institutions.
Hussam Abdulmohsen Alangari underscored the importance of the MoU, noting that it would significantly advance cooperation in areas critical to both audit institutions. He highlighted that the agreement would not only improve their external audit practices but also contribute to the strengthening of bilateral relations between Saudi Arabia and India. The visiting Indian delegation was briefed on the GCA's experiences in transitioning from cash to accrual basis of accounting in Saudi Arabia's public sector.
It was also briefed on professional capacity-building areas as per a report in Arab News outlet. During the meeting, Tariq bin Ahmed Al-Jarifani, director general of the Saudi Centre for Financial and Performance Auditing and executive vice president for corporate services reviewed the court's advanced methodologies in building professional capacities in intermediate accounting, international public sector accounting standards, and international standards on auditing.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How long will it take to build Rs 6 crore corpus with Rs 6,000, Rs 10,000 or Rs 15,000 monthly investments?
Highest Senior Citizen FD Rates: Check what banks like SBI, BoB, Canara Bank, HDFC Bank, ICICI Bank are providing on 1-yr, 3-yr, 5yr term deposits
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
04:28 PM IST