Riyadh: In a significant step towards enhancing international cooperation in public sector auditing, the Controller and Auditor General of India (CAG), Girish Chandra Murmu signed a Memorandum of Understanding (MoU) with the General Court of Audit of Saudi Arabia.

The agreement signed on August 29 was formalized during a bilateral meeting with Hussam Abdulmohsen Alangari, President of General Court of Audit in Riyadh.

The MoU is designed to fortify the collaborative relationship between audit institutions of the two countries by promoting the exchange of expertise and resources.

Key aspects of the MoU include the joint development and implementation of training programs focused on financial, performance, and compliance audits.

As per the agreement, both parties will also share their audit manuals and methodologies, which are crucial for enhancing auditing standards and practices.

"Our commitment to a strong bilateral relationship is a testament to the shared values and objectives of our institutions. This agreement will reinforce the bonds between our SAIs and our nations," Murmu stated.

The CAG further stated that the cooperation would bolster the capacity development efforts and facilitate the exchange of valuable knowledge and information between the two institutions.

Hussam Abdulmohsen Alangari underscored the importance of the MoU, noting that it would significantly advance cooperation in areas critical to both audit institutions.

He highlighted that the agreement would not only improve their external audit practices but also contribute to the strengthening of bilateral relations between Saudi Arabia and India.

The visiting Indian delegation was briefed on the GCA's experiences in transitioning from cash to accrual basis of accounting in Saudi Arabia's public sector. It was also briefed on professional capacity building areas as per a report in Arab News outlet.

During the meeting, Tariq bin Ahmed Al-Jarifani, director general of the Saudi Centre for Financial and Performance Auditing and executive vice president for corporate services reviewed the court's advanced methodologies in building professional capacities in intermediate accounting, international public sector accounting standards, and international standards on auditing.

This report is auto-generated from news service agency