General Secretariat – Doha
His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), stated that the diligent efforts of the member states to enhance transparency and establish an advanced accounting monitoring system are among the important elements that have enabled them to attain this distinguished regional and global position.
This was mentioned during the 21st meeting of Their Excellencies the Heads of Financial and Accounting Audit Bureaus of the GCC countries, held today, Monday, October 7, 2024, in the Qatari capital, Doha.
The meeting was chaired by His Excellency Mr Abdulaziz bin Mohammed bin Ahmed Al Emadi, President of the State Audit Bureau of Qatar and president of current session. The meeting was attended by Their Excellencies the Heads of Financial and Accounting Audit Bureaus from the member states.
At the beginning of his speech, His Excellency the GCC Secretary General expressed his highest thanks, appreciation, and gratitude to His Highness Shaikh Tamim bin Hamad Al Thani, the Amir of the State of Qatar, for hosting this blessed meeting, and for the facilities and support provided by the State of Qatar to ensure the success of the Council's work, as well as the interest and support for joint Gulf cooperation from His Highness and the leaders of the GCC member states.
During his speech, he praised the blessed journey of the GCC, which has achieved significant accomplishments that contributed to reaching many goals outlined by the leaders of the GCC member states to enhance cooperation and integration in all fields. He noted that efforts are ongoing to reach the highest levels of integration in response to the aspirations of the leaders of the GCC and the ambitions of their citizens.
Moreover, His Excellency expressed the interest and aspirations of the Heads of Financial and Accounting Audit Bureaus in the member states to approve a number of decisions and regulatory guidelines aimed at enhancing joint Gulf cooperation in the field of financial control and accounting.
"This serves as a clear indication of the importance of the existing cooperation among the GCC member states in this vital area," he stressed, emphasising that this cooperation not only contributes to enhancing financial transparency and credibility but also serves as a fundamental pillar supporting sustainable development and achieving the desired economic integration among the GCC countries.
"The consultation and agreement on regulatory guidelines reflect the commitment of the member states to international standards and the achievement of best global practices, thereby enhancing investor confidence and supporting the stability of the Gulf economy in facing regional and global challenges," His Excellency explained.
He also pointed out that the Committee of Heads of Financial and Accounting Audit Bureaus of the GCC is steadily progressing towards achieving cooperation and integration in the fields of financial and accounting oversight by improving monitoring mechanisms for public funds and enhancing cooperation among the audit bureaus through the establishment of organised frameworks and controls for regulatory work in accordance with plans and strategies aimed at developing and improving performance efficiency and adopting the best professional practices.
Additionally, His Excellency pointed out that the GCC countries have gained a distinguished regional status in various fields, including political, economic, and investment areas, leading many international indicators that place them on par with the most advanced countries.
"This is particularly significant as many countries and organisations are actively seeking to establish strategic partnerships with the GCC, due to its credibility and steadfast commitment to transparency and sustainability across all its national institutions," he concluded.
