Kuwait State Audit Bureau examined 2,647 financial transactions between April 2020 and February 2021 with a value of KD 2.8 billion (USD 9.2 billion) and disapproved 113 of them valued at KD 281 million (USD 928 million), a SAB official said on Monday.
Loulwa Al-Fozan, auditor at Pre-Audit for Social Affairs Department, said in a statement 92 percent of transactions, or KD 2.6 billion (USD 8.5 billion), were related to government budgets, and the rest belonged to budgets of independent authorities. The auditing took place between April 1, 2020, and February 28, 2021.
The pre-auditing process, she added, did not include transactions related to the sale and purchase of oil and by-products, nor investment. Al-Fozan said 73 percent of transactions, or KD two billion (USD 6.6 billion), have been approved, of the 65 percent were conditional on completing financial and technical procedures. The pre-auditing department informed SAB’s financial penalties department about violations committed by some departments which carried out transactions without obtaining SAB’s approval, she said. Al-Fozan said SAB recommended disapproval of 113 transactions with a value of KD 281 million (USD 928 million) because they would inflict damage on public funds. Throughout the auditing process, he said, SAB also succeeded in preventing the waste of KD 75 million (USD 247 million) in public funds due to variation in prices and quantities.
Source-KUNA
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