Abu-Ghazaleh: Good Institutional Performance Gets Rid of Administrative Corruption
24 Apr 2004BEIRUT – Participants at a development studies symposium, hosted in Beirut yesterday under the title of "Good Institutional Performance," called for the holding of a forum on the subject in every Arab country that will include all the concerned parties with the invitation of the International Federation of Accountants (IFAC) to set an international auditing standard on the professional responsibility of auditors.
The participants also called for the concerned parties in the participating countries to study the impact of the Sarbanes Oxley law, which represents a new phenomenon in the fact that it crosses American borders given that it can applied on every company that trades on the US stock exchanges.
Mr. Talal Abu-Ghazaleh, President of the Arab Network, an affiliate of the United Nations Information and Communications Technologies Task Force (UN ICT TF) and Chairman of the Talal Abu-Ghazaleh Organisation (TAGorg) provided a detailed explanation of good institutional performance as well as Arab and international initiatives at the symposium.
Abu-Ghazaleh said that good performance means good organization, better control procedures and more effective internal and external auditing operations.
He explained that in view of the growing importance of development in Arab and developing nations and away from corruption, dependency and exclusivity that eats away at the economies of some countries and hampers their development efforts, good institutional performance becomes a life necessity and basic requirement, theoretically and practically.
He added that the only path that a government can take to carry out the responsibilities bestowed on it by its people with integrity is through applying the principles of accountability, transparency and good institutional performance in general.
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