Kuwait’s Audit Bureau’s keen eye on finances of authorities and bodies under its supervisory jurisdictions resulted in saving up to KD 1.08 billion (USD 3.5 billion) that could have been wasted over the past four years.
Yousef Al-Fozan, the bureau assistant undersecretary for overseeing accounts and financial affairs, said in a statement, on Wednesday, marking its 57th anniversary that the department, in line with its thrifty policy, spared the State Treasury prospected (undesired) expenditures estimated at KD 467.7 million (approximately USD 1.54 billion) during the 2019-2020 fiscal year.
He has indicated that the assigned auditors scrutinize projects’ costs, controversial spending, among other cases and issues.
The bureau is the State arm that scans expenditures and requests for financial allotment from various sectors and ventures’ costs.
On Tuesday, the bureau affirmed that it endeavors to maintain effective scrutiny over public funds for sake of protection and optimum employment of state money.
Marking the Audit Bureau 57th anniversary that fell today (Wednesday), the acting undersecretary, Yousef Al-Mazroui, affirmed in his yesterday’s statement resolve to safeguard public funds and those of the coming generations — a policy that has been literally maintained since its establishment in July 1964.
The bureau 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.
Moreover, it 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