ALRAQABA . ISSUE 16
27
In addition, oil price has decreased because of COVID-19 restrictions and
procedures. These boundaries affected GCC budgets and increased the deficit.
The below schedule compare between world oil demand in 2019 and 2020:
Thus, countries will face budget deficit, high
inflation rate etc. due to less consumption of
oil and decrease of demand. These different
financial obstacles require a huge observation
and follow-up to deal with which will increase the
role of Supreme Audit Institution.
Supreme Audit Institution role in crisis
time:
Corona crisis caused a great responsibility
on Supreme Audit Institution (SAI) due to
challenges created. According to INTOSAI SAI
means “a public body of a state or supranational
organization which, however designated,
constituted or organized, exercises, by virtue
of law, or other formal action of the state or the
supranational organization, the highest public
auditing function of that state or supranational
organization in an independent manner, with or
without jurisdictional competence”. Therefore, it
plays a major role in providing all stakeholders
with reliable, trustworthy and efficient information
and data.
SAI should focus in the emerging risks resulting
from COVID-19. SAI has to review their audit
plan according to these new risks. For that
reason, internal and external issues should be
developed to ensure that SAI`s could perform
