Egypt assumes the presidency of INTOSAI.. 7 important messages from the International Organization of Financial Audit Institutions
Egypt assumes the presidency of INTOSAI.. 7 important messages from the International Organization of Financial Supervision Institutions
Financial oversight represents an important axis of sustainable development. Because it is an integrated system concerned with improving the quality of life through rationalizing resources, strengtheninggovernance, and enabling institutions to perform their roles transparently and efficiently. From this standpoint, countries are moving towards establishing the principles of accountability and rational monitoring as a basic pillar to ensure the achievement of all Sustainable Development Goals (SDGs).
In this context,Earth Defenders Foundationsheds light on a historical event: Egypt officially assuming the presidency of the International Organization of Supreme Audit Institutions (INTOSAI). It is an event that carries seven profound messages that embody the role of financial oversight in achieving development, enhancing transparency, and employing modern technology to serve the public good. So keep reading.
IndependenceFinancial oversightNational priority
This came during the activities of the twenty-fifth INCOSAI conference in Sharm El-Sheikh, in the presence of Dr. Mustafa Madbouly, “Prime Minister” and a number of heads of regulatory bodies around the world. There, Dr. Mustafa Madbouly stressed that Egypt was keen on the independence of the Central Auditing Organization through constitutional and legislative guarantees, and to enable it practically to perform its duties freely, and put its observations and recommendations into practice. This reflects the state’s belief that financial oversight is a partner in construction and development.
Egypt puts its expertise at the service of the international community
Egypt announced that during its presidency of INTOSAI, it will put its capabilities and oversight experiences at the service of the international community. In order to exchange experiences with other regulatory bodies, as well as to support joint work in developing modern financial oversight mechanisms.
Censorship is not punishment
In the same context, the Prime Minister explained that financial oversight does not mean catching errors or undermining performance, but rather means conscious review. In order to correct the course and improve overall performance, by understanding the work environment, and providing realistic solutions based on law and accountability.
Egypt’s experience in integrating oversight and development
Prime Minister Dr. Mostafa Madbouly presented a practical model of the success of integration between government and regulatory performance, pointing out that mutual trust and transparency in data exchange were the key to Egypt’s success in completing giant projects within one decade, including:
- New Administrative Capital
- Decent Life Initiative
- Road and tunnel network
- Financial and structural reform programs
Comprehensive commitment to human rights
Dr. Mostafa Madbouly saw that these national projects are urban and economic achievements, and the embodiment of a comprehensive concept of human rights, and among these rights are: the right to a decent life, safe health, and social justice, all within the framework of the Sustainable Development Goals (SDGs) that balance growth and social protection.
Cooperation is the way of the future
Then Dr. Mostafa Madbouly, “Prime Minister,” concluded his speech with a clear message, saying: “The better future depends on cooperation, not competition, and in partnership, not isolation.” Stressing that ensuring the optimal use of public resources and enhancing transparency requires concerted efforts among all international regulatory bodies.
Egypt calls for smart regulatory partnerships
With its assumption of the presidency of INTOSAI, Egypt announced its commitment to working jointly with supreme audit institutions around the world, through institutional partnerships to adopt modern audit tools that benefit from technical developments, most notably artificial intelligence responsible for general auditing and data analysis.
In conclusion, Egypt’s presidency of INTOSAI is an opportunity to establish a balanced Egyptian model that combines supervisory independence, smart governance, and sustainable development. From the city of peace – Sharm El Sheikh – a message was issued stating that effective oversight is an essential partner in building the future.
Earth Defenders Foundation believes that Egypt’s presidency of INTOSAI represents an opportunity to consolidate oversight as a tool for development and not just accountability; Because effective oversight is what links financial results and public policies, and transforms observations into implementable decisions. This enhances the efficiency of spending and improves the quality of public services.
Therefore,Earth Guards emphasizes the importance of developing oversight by evaluating the social impact of projects, and employing responsible artificial intelligence to analyze data and detect risks early, while ensuring transparency and protecting privacy.
ThereforeThe Foundationcalls for empowering human resources and activating community participation in following up on the results of financial control; To build public confidence that ensures the implementation of recommendations, which makes Egypt a pioneering Arab model in combining supervisory independence and development responsibility.
