Auditing firms like Al-Hamli & Partners are foundational pillars that ensure transparency and accountability in the government sector in Saudi Arabia, without conflicting with the role of the General Audit Bureau of Saudi Arabia. These auditing firms play a pivotal role in improving the financial and administrative performance of government entities.
From our experience in auditing government entities, particularly in the education sector represented by public universities, we affirm that financial and administrative audit services are effective tools to ensure proper use of resources and compliance with accounting standards and international financial reporting standards. This guarantees the integrity of financial and administrative actions, which helps enhance both transparency and performance, as well as build trust between government entities and citizens.
Here are some of the services that auditing firms provide to government entities:
- Audit of Government Entities’ Final Accounts: This involves reviewing the final accounts of a government entity, which presents the expenditure from each item in its budget that was previously linked to the Saudi national budget. Here, auditing firms like Al-Hamli & Partners play a critical role in ensuring that government entities comply with the rules and regulations set by the relevant authorities (e.g., the Ministry of Finance), which ensures the legitimacy of their financial actions.
- Review of Government Entities’ Accounts: Auditing firms review the financial accounts of universities, helping to identify errors or misstatements in the financial data in accordance with accounting standards and international financial reporting standards. For more information about our services, feel free to contact us at 0539300404.
- Support Services for Transitioning from Cash Basis to Accrual Basis: The project of transitioning to the accrual-based accounting system in the public sector is one of the significant initiatives under the National Transformation Program led by the Ministry of Finance. This initiative aligns with the goals of Vision 2030, which aims to enhance the quality of financial accounts and improve transparency and accountability in government performance. Auditing firms play a key role here in providing professional consultancy to present financial statements of government entities in accordance with the International Public Sector Accounting Standards (IPSASs).
- Performance Evaluation: These firms assess the effectiveness of operational and administrative processes.
- Providing Recommendations: Auditing firms provide recommendations in the form of quarterly reports to the relevant administrative levels for decision-making. This helps decision-makers view the current situation of the entity they manage from a professional perspective, which facilitates the decision-making process and contributes to the development of effective strategies for resource management. For more information about our services, feel free to contact us at 0539300404
Also Read:
- Why Do Major Companies Rely on Accounting Firms in Riyadh?
- The Most Important Internal Auditing Tasks and Their Role in Strengthening Financial Control
- How Does Preparing Financial Statements Affect Your Company’s Opportunities for Funding?
- Zakat and Value Added Tax Regulations in Cases of Liquidation, Bankruptcy, or Tax Refund in Saudi Arabia
- The Target Local Content Ratio and Gradual Plan, and the Periodic Report between Nature and Target
- How do you choose suitable legal Auditing Offices for your accounting needs?
- The role of the Comprehensive Income Statement in determining corporate profitability and growth strategies
Conclusion:
From the above, it is clear that auditing firms like Al-Hamli & Partners play a vital role in enhancing transparency and efficiency in government entities by providing objective and independent evaluations. This helps improve institutional performance, strengthens trust in the government system, and delivers greater benefits to society, all in line with Saudi Arabia’s Vision 2030.
