The 3rd meeting of the Financial and Administrative Committee, an affiliate of the International Organization for Supreme Audit Institutions (INTOSAI) was opened in Riyadh today by Saudi Arabia's Chief Auditing Bureau Osamah bin Jaafar Faqih, who is also Chairman of INTOSAI's Financial and Administrative Committee and Second Deputy of INTOSAI's Board of Governors. The committee comprises the chairmen of financial and auditing bodies in the United States of America, Norway, Austria, India, South Korea and Venezuela. SAIs play a major role in auditing government accounts and operations and in promoting sound financial management and accountability in their governments. Following the first session, Faqih said INTOSAI levies minimal subscription fees from its member states and in this regard the special situations of less developed countries were considered. He said the control process starts with the commencing of implementation of projects and follow up rather than auditing of accounts which takes place after the completion of projects. He said INTOSAI makes sure that member states donations reach their destinations and yields good returns.
