Kuwait’s Audit Bureau on Tuesday affirmed that it endeavors to maintain effective supervision over public funds for sake of protection and optimum employment of state money.

Marking the Audit Bureau 57th anniversary, falling tomorrow (Wednesday), the acting undersecretary, Yousef Al-Mazroui, affirmed in a statement on Tuesday the resolve to safeguard public funds and those of the coming generations — since its establishment in July 1964.

The Diwan closely cooperates with the departments and authorities under its supervision in line with the theme, “partners and auditors,” Al-Mazroui added, indicating that its staff help these bodies in keeping their financial and accounting tasks in order.

The Bureau oversees finances of ministries, departments, other public bodies and municipalities, he has affirmed.

The financial overseeing covers as well companies and institutions where the state owns no less than 50 percent of the stakes.

The Bureau conducts two kinds of auditing; the advance supervision; conducted before commitment with respect of tenders for imports, public works, binding ventures and projects worth at least KD 100,000 (USD 330,000).

The second type of supervision comes after the commitment, covering various kinds of administrative and financial activities and operations.

Source: Kuwait News Agency