Can more stringent auditing be the solution to corruption in Jordan?
Finance Minister Ummaya Toukan added that loopholes in the auditing and monitoring system can lead to financial crises as it was the case in 2008, when countries witnessed a global financial crisis.
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Officials and businesspeople on Wednesday called for strengthening auditing at public and private establishments to curb financial corruption.
At the opening of the 10th International Professional Conference, Finance Minister Umayyah Toukan underlined auditing as a key tool in fighting corruption and preventing any financial crises.
“Auditing is one of the most important elements of good governance,” said the minister at the two-day conference, which was held by the Jordan Association of Certified Public Accountants.
The minister added that loopholes in the auditing and monitoring system can lead to financial crises as it was the case in 2008, when countries witnessed a global financial crisis.
The minister stressed that the advancement of countries is tied to the enforcement of law, emphasising the importance of enhancing monitoring and auditing to keep abreast with international standards in this regard.
Hatem Qawasmi, chairman of Jordan Association of Certified Public Accountants, stressed the importance of the conference, indicating that auditing helps to attract investments through accountability.
Countries lose billion of dollars annually due to financial and administrative corruption, he said, underling the need for cooperation in strengthening auditing at all institutions.
Anti-Corruption Commission (ACC) President Samih Bino echoed similar remarks.
“Auditing is the frontline in fighting corruption and preventing the financial crisis,” Bino said in a session during the conference, which attracted auditing experts, public and private sector representatives and other related fields from several Arab states.
He called for activating the role of auditing departments at the country’s public and private sector entities to combat corruption, highlighting legislation in Jordan that combat corruption.
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