The Government Financial and Administrative Audit Organization participated in a regional capacity development workshop on project financial management held in Jeddah, Kingdom of Saudi Arabia. This workshop aimed to develop practical solutions for common challenges in project financial management, utilizing global best practices and innovative technologies.
Examining the Challenges of Project Financial Management
The workshop included several specialized sessions with high-ranking audit entities that addressed the auditing requirements of the Islamic Development Bank in project financial management, trends in project financial management at the country and project levels in the Middle East and North Africa (MENA) region, as well as challenges and issues related to multilateral development banks in project financial auditing in this region.
This workshop also addressed the methods adopted by government audit entities in auditing projects in emergency and vulnerable environments. A session was held on emerging trends in auditing high-ranking audit entities, in terms of developments in laws and standards as well as the use of technology.
The Importance of Collaboration in Project Financial Management
This workshop emphasized the importance of collaboration among multilateral development banks, international organizations, and high-ranking audit entities (SAIs) to identify solutions and provide recommendations for improving project financial management. Participants in this workshop included Zahir Suleiman Al-Salami, Vice President for Auditing Government Units at the Government Financial and Administrative Audit Organization.
Such workshops are considered a suitable opportunity for exchanging experiences and sharing best practices in project financial management and can help improve auditing processes and financial management in the countries of the region.
