Sunday, 17 Nov 2019 | 20 Rabi Al Awwal 1441
His Majesty the Sultan receives annual audit report from SFAAI chairman

His Majesty the Sultan receives annual audit report from SFAAI chairman

SFAAI has also sent a copy of the report to the Council of Ministers, Majlis A’Shura and the State Council.

The methodology for preparation took into account the guidelines, requirements and technical suggestions for writing such reports primarily based on international requirements in terms of comprehensiveness, clarity, conciseness, accuracy and objectivity.

The report has produced a number of observations resulting from the realisation and extension of SFAAI auditing some units of the state’s administrative apparatus, as effectively as some organizations, public bodies and institutions.

SFAAI has issued 239 supervisory reports such as observations and suggestions, which had been communicated to the concerned authorities. The observations in the report have been classified into 3 principal components with each and every section containing a number of chapters.

The initial element of the report bargains with the state’s administrative apparatus. The inspections carried out for some of these units resulted in numerous observations, as some of them had been optimistic ones, although other individuals ought to be reviewed by the concerned parties to come out with suitable options.

The second element refers to public organizations, bodies and institutions.

SFAAI started economic and administrative auditing of some of these organizations, public institutions and pension funds in accordance with the International Accounting and Auditing Standards. The auditing revealed that elements can be created and enhanced upon. It was completed as per the economic regulations and suggestions issued by the International Organization of Supreme Audit Institutions.

The third element of the report bargains in advertising integrity and combating corruption.

Oman acceded to the United Nations Convention against Corruption (Royal Decree 64/2013) and ratified the Arab Convention against Corruption (Royal Decree 28/2014).

SFAAI was entrusted to stick to up the implementation of the provisions of the United Nations Convention against Corruption and assumed the duties of the Anti-Corruption Commission.

SFAAI has lately completed its assessment of the Oman’s implementation of the second session of the second chapter (preventive measures) and the fifth (asset recovery) of the convention. The draft national method for supporting integrity and combating corruption and the draft code of conduct for public officials have also been ready.

The constructive cooperation in between SFAAI and state institutions contributed to the consolidation of the notion of duty for preserving public funds and safeguarding the country’s revenues.

Information Source: Muscat Daily

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