Kuwaiti financial officials on Wednesday underscored that drawing up state development plans require high caliber accounting cadres, badly needed in the labor market, especially in the official sector.
Accountants must enjoy high professional capabilities and knowledge to help decision makers, Finance Ministry Undersecretary Khalifa Hamada told the Fourth Conference of the Kuwait Association of Accountants and Auditors (KWAAA).
He called for applying the huge latest developments introduced to accounting and auditing.
The national economy is facing significant challenges, topped the volume of public expenditure which dominates the state budget, he noted, calling for a broader role for the private sector in the economy.
The Finance Ministry is working hard on several projects aiming at developing a financial and administrative system likely to assist decision makers. One key project is "re-engineering financial operations" which is expected to bring about a quantum shift through maturity accounting, Hamada said.
The Ministry of Commerce and Industry offers its accountants and auditors continuous training to enhance their capabilities, the ministry's Assistant Undersecretary for Companies Affairs and Commercial Licenses Dawood Al-Sabej told the opening session of the KWAAA event.
He added that the legislative amendments to the laws relevant to the Ministry domains require efficient accountants, providing them with whatever they may need to gain and update their experience.
Specialists of accounting and auditing taking part in the sessions of the two-day conference discuss major issues like transparency, disclosure, corruption, accounting education, corporate governance, needs of the labor market and the international criteria of for financial reports and their application.