AI to Shape the Future of Financial Oversight

Artificial intelligence and digital innovation are emerging as key tools for strengthening financial oversight across the Gulf, as Bahrain brought together the heads of GCC financial and accounting audit bodies for their 23rd meeting.

Bahrain hosted the meeting as part of the Kingdom’s presidency of the 46th session of the Gulf Cooperation Council, highlighting growing efforts to modernise the region’s oversight systems and improve transparency and public resource management.

The meeting was chaired by His Excellency Shaikh Ahmed bin Mohammed Al Khalifa, President of Bahrain’s Financial and Administrative Audit Bureau. His Excellency Shaikh Sultan bin Mohammed Al Thani, Assistant Secretary-General for Legislative and Legal Affairs at the GCC General Secretariat, and the heads of the GCC audit bodies attended.

Sheikh Ahmed said the gathering reflected the strong fraternal ties between GCC countries and the importance placed by Their Majesties and Highnesses the GCC leaders on strengthening Gulf cooperation and integration and developing its institutions.

He highlighted the central role played by audit bodies in promoting integrity and improving the efficiency of government performance.

With technology and artificial intelligence advancing rapidly, Sheikh Ahmed said new opportunities are emerging to develop oversight tools, improve the quality of audit outcomes and increase their impact.

He stressed that professional cooperation and the exchange of knowledge and expertise between GCC audit bodies remain essential to building an oversight system that is better prepared for the future and capable of keeping pace with rapidly changing challenges.

A major focus of the meeting was a proposal to establish an AI-supported electronic platform bringing together the outputs of the financial and accounting audit bodies across GCC countries.

The proposed platform would facilitate access to institutional knowledge and enable greater use of accumulated experience and expertise across the region.

The meeting also reviewed developments in the GCC Competition for Research and Studies in the Fields of Auditing and Accounting, alongside follow-up on recommendations arising from winning research projects from previous editions.