Banking ReformsConstruction

Federal Financial Supervision Chief Urges Enhanced Accountability and Internal Audits for Economic Stability

Economy Update – Baghdad

Ammar Subhi Khalaf, the head of the Federal Financial Supervision Bureau, emphasized the need for heightened efforts and a commitment to responsibility during recent discussions regarding internal control. He highlighted that the year 2025 will mark significant advancements in the fields of financial oversight and internal auditing.

Speaking at the internal control conference hosted by the Financial Supervision Bureau, Khalaf remarked that “internal audit and control have evolved beyond mere supervisory functions; they are now fundamental pillars in ensuring effective governance, promoting efficiency, and upholding integrity and accountability.” He pointed out that internal control agencies have faced various challenges that have hindered their effectiveness, which the Anti-Corruption Conference, organized under the Prime Minister’s auspices last year, aimed to address.

Khalaf noted, “To bolster the capabilities of internal control, the Financial Supervision Bureau has released a comprehensive guide outlining the responsibilities and procedures necessary for effective auditing. Furthermore, a permanent committee was established, led by the Financial Supervision Bureau and comprising representatives from the Prime Minister’s office and the Integrity Commission, to oversee auditing and internal control initiatives.”

He added, “Through these actions, we aim to foster collaboration and enhance expertise, as current challenges necessitate robust supervisory mechanisms capable of identifying violations before they escalate into crises that could jeopardize institutional stability.”

Khalaf underscored the critical importance of collaboration between internal audit bodies and other regulatory entities. This synergy is vital for cultivating a work environment devoid of corruption, thereby strengthening public confidence in the government and reinforcing efforts towards sustainable development. He reaffirmed, “The commitment of the Financial Supervision Bureau to support and enhance the role of internal audit as an essential component of institutional reform remains unwavering.”

He urged all stakeholders to “harness their efforts in a spirit of responsibility,” underscoring that “the achievements in financial supervision and internal audit over the past 2025 years are largely due to the backing received from the Prime Minister and the attention given by various legislative and supervisory authorities, including the Supervision and Integrity Bureau.”

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