The Financial and Economic Affairs Committee of the Shura Council praised in its meeting yesterday (Sunday) headed by His Excellency Mr. Khaled Hussein Al -Muscati, the commitment of the General Secretariat of the Shura Council to international accounting standards approved when preparing the financial statements for the financial year ending on December 31, 2024 AD, and its work with the provisions of Article (180) of Decree Law No. (55) of 2002 regarding the internal regulations of the Shura Council, its amendments, and articles The financial regulations of the council issued by Resolution No. (21) of 2023 AD. The committee valued the continuation of the constructive approach to the Shura Council office headed by His Excellency Mr. Ali bin Saleh Al -Saleh, President of the Council, to refer the financial statements of the Council to the Financial and Economic Affairs Committee for its discussion and a report on it presented in one of the general sessions of the council, noting that the financial statements are free of any notes after its audit by the Financial and Administrative Control Bureau The internal. The committee explained during its meeting held in the presence of His Excellency Mrs. Karima Mohamed Al -Abbasi, Secretary -General of the Shura Council, and Counselor Ali Abdullah Al -Aradi, Assistant Secretary -General for Resources and Information Technology, and Mr. Mohamed Adel Mohamed, Director of Human Resources and Financial Resources, that the Financial and Administrative Control Bureau indicated that the financial statements of the Shura Council appear fairly from all the fundamental aspects, the financial position of the Council as on December 31, 2024 AD, and the results of its operations and changes In the cash flows for the financial year ending on that date, according to international standards for the preparation of financial reports and the requirements of the financial regulations of the council. The committee shed light on the high efficiency of the financial administration followed by the General Secretariat of the Shura Council, through what the final financial statements of the Council showed through good management of fixed assets and the collection of previous lines, in addition to improving other self -revenues of the council, praising accurately And the seizure of setting budget estimates, which appears through the actual numbers clearly, which confirms the activation of financial policies properly by following international accounting standards. During the meeting, the committee informed the statement of revenues and expenses, financial reserves, and financial obligations, and a detailed offer submitted by the General Secretariat of the Council regarding the details of the relevant financial and administrative work, while it decided to prepare its final report on the expense financial statements of the Shura Council For the fiscal year ending on December 31, 2024 AD, which was audited by the Financial and Administrative Supervision Bureau, and referred to the council office in preparation for presentation in one of the upcoming sessions. The committee also discussed at the same meeting a draft law to amend some of the provisions of the Trade Law issued by Decree Law No. (7) of 1987 AD, accompanying Decree No. (44) of 2024 AD, which includes the introduction of amendments and the creation of new texts on The third chapter related to the check contained in the fourth chapter of the law, in order to reduce the negatives revealed by the practical reality of dealing with the check. In this regard, the committee looked at the opinion of the Legislative and Legal Affairs Committee, which ended in the integrity of the draft law in constitutional and legal aspects, and on the decision of the Various House of Representatives, while it appealed the opinion of the Ministry of Industry and Trade, the Ministry of Justice, Islamic Affairs and Endowments, the Central Bank of Bahrain, and the Chamber of Commerce Bahrain Industry, and the Bahraini Businessmen Association. I also reviewed the legal opinion memorandum and the memorandum of financial and economic opinion in this regard, and views on the draft law were exchanged in preparation for preparing the committee’s report and referring it to the Shura Council office.
