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Financial oversight: We face several challenges in our work
second and third 2023/03/07
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Rula Wathiq
The Federal Office of Financial Supervision has identified several challenges facing its work over the years.
An official source in the Bureau told Al-Sabah: The first challenge is represented in the delay of the audited departments in submitting their financial statements in accordance with the requirements for preparing the financial statements, and the weakness of some administrative and accounting cadres in the audited entities, which is reflected in the delay in the financial statements or their submission in violation of the requirements for their preparation.
He added that the Bureau suffers from weak internal control systems of the entities subject to that and the lack of use of automation in financial and accounting work, in addition to the referral of many of the Bureau's employees with expertise and capabilities to retirement, as the year 2020 witnessed the referral of 250 employees to retirement, which led to a lack of auditing staff compared to tasks. In charge of the Bureau and the government's directives to combat corruption.
The source added that among the challenges is the Bureau's inclusion in the Federal Service Council's controls in terms of appointments, similar to other ministries, which was reflected in the Bureau's lack of independence in selecting its employees, and the failure to provide the necessary priorities for audit or the delay in their submission by the subject authorities.
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