Saudi ministry launches initiative

RIYADH: Saudi Arabia’s Finance Ministry has launched an initiative to ensure implementation of the latest global financial practices in the government sector to increase its efficiency in line with the Vision 2030, Arab News quoted a ministry statement.

Prior to the launch of the Financial Control and Support and Development Initiative, the ministry launched a self-assessment pilot programme on selected government entities, it said.

The pilot project conducted field studies on the feasibility of self-assessment tools in the government entities. The project sought to assess the efficiency of the entities’ internal control systems, level of transparency, and the overall control measures.

The programme aims at strengthening financial control procedures, improve governance, and switching to automation.