TVTC Launches a Project to Count, Inventory and Evaluate Assets to Build Opening Balances

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The Deputy Governor for Supporting Services at the The Technical and Vocational Training Corporation (TVTC), Eng. Saleh bin Abdullah Al-Hoshani, inaugurated a project to count, inventory and evaluate assets to build the opening balances at TVTC headquarters in Riyadh, in the presence of a number of TVTC’s leaders and representatives of the Accrual Accounting Center at the Ministry of Finance.

The project aims to improve the financial position of TVTC, improve accounting systems and policies to better manage government performance, and enable the government to determine its financial position and the value of its assets and the consumption associated with it, through different types of targeted assets, including machinery and equipment, public transportation, furniture, facilities, intangible assets and infrastructural assets.

In Addition, Eng.Al- Hoshani confirmed that the project of counting, inventorying  and evaluating assets to build opening balances is one of the most important outputs of the transition of government entities from applying the cash basis to the accrual basis of accounting, indicating that achieving a distinguished financial system through improving the quality of financial accounts and enhancing transparency is one of the strategic goals of the Kingdom's Vision 2030.

Moreover, upon reviewing the detailed plans and timetables for the project work stages, Eng. Al-Hoshani urged all TVTC departments and sectors to respond quickly and facilitate the tasks of the field teams in fulfilling their assigned roles during their visits.

Furthermore, Eng. Al- Hoshani explained that the challenges of the geographical spread of training facilities in various regions and governorates of the Kingdom of Saudi Arabia will be addressed by the approved methodology and the clear understanding of the project and its scope by the patrons and those in charge of it, stressing the need to immediately address any challenges facing the project and make the necessary efforts to successfully complete it according to the planned time frame. He also thanked His Excellency the Governor, Dr. Ahmed bin Al-Fahaid for his support for the success of the project.

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