Public sector organisations operate under a level of scrutiny and accountability that has no direct equivalent in the private sector. Governments, ministries, public agencies, and state-owned enterprises are stewards of public resources. Their financial management practices, governance frameworks, and compliance postures are subject to ongoing oversight by legislative bodies, supreme audit institutions, regulatory authorities, and the public at large.
Across the GCC, the modernisation of public financial management has become a strategic priority. Saudi Arabia’s Vision 2030 economic diversification agenda, alongside comparable reform programmes in Bahrain and across the region, has placed significant and sustained demand on public sector financial capabilities. The transition to accrual-based accounting, the alignment of reporting frameworks with international standards, and the strengthening of public procurement and governance structures all require a level of technical expertise and institutional capacity that many public entities are still actively developing.
Har Aik Global Associates supports public sector organisations, government-linked entities, and state-owned enterprises in building the financial management capabilities, governance structures, and compliance frameworks that these demands require.
The modernisation agenda in GCC public finance
The transformation of public financial management across the GCC is not a single initiative. It is a sustained programme of institutional reform that touches every dimension of how public resources are planned, allocated, managed, reported, and overseen. For the finance functions of government entities, this transformation requires new accounting systems, new reporting frameworks aligned with IFRS or IPSAS, strengthened internal control environments, and governance structures capable of withstanding the scrutiny of legislative oversight bodies and supreme audit institutions.
These reforms are frequently implemented under significant time pressure and within institutional environments that are navigating multiple priorities simultaneously. Navigating this effectively requires advisory partners who understand both the technical requirements of public sector accounting and the institutional dynamics that shape how reform is implemented in practice.
Our services for public sector organisations
Public financial management advisory
We support government entities and public agencies in strengthening their financial management frameworks across the full planning, reporting, and oversight cycle. This includes the design of financial planning and budgeting processes, the development of reporting frameworks aligned with applicable public sector accounting standards, and the assessment of existing financial management systems against international best practice and Vision 2030 reform priorities. Our advisory work is structured to build sustainable internal capability, not indefinite external dependency.
Internal audit and assurance for government entities
Effective internal audit is a cornerstone of public sector accountability and a requirement across most GCC regulatory frameworks governing government entities. We design and execute internal audit programmes that assess the effectiveness of internal controls, evaluate compliance with applicable regulations and policies, and provide management and oversight bodies with independent, evidence-based assurance. Our public sector internal audit work is conducted in accordance with the International Standards for the Professional Practice of Internal Auditing.
Governance and compliance frameworks
We help public sector organisations build governance structures that meet the expectations of legislative oversight bodies, supreme audit institutions, and applicable regulatory authorities. This includes the development of internal control frameworks, delegation of authority structures, financial policies and procedures, and governance documentation required for regulatory review and audit purposes. Our experience spans government entities operating across multiple GCC jurisdictions with varying regulatory requirements.
IFRS and accrual accounting transition support
The transition from cash-basis to accrual accounting, and the adoption of IFRS or International Public Sector Accounting Standards, represents one of the most significant technical challenges facing public sector finance functions across the GCC. HarAik provides comprehensive technical advisory support to organisations navigating these transitions, including gap assessments, accounting policy development, chart of accounts redesign, system configuration guidance, and structured staff training. We have supported entities through full-scale IFRS transitions and have a detailed, practical understanding of the challenges these processes involve.
Capacity building and professional development
Institutional transformation in the public sector is ultimately a question of developing and sustaining human capability within the organisation. We deliver structured training and professional development programmes for public sector finance teams covering public financial management principles, internal audit methodology, governance frameworks, and the accounting standards applicable to their sector. Our programmes are designed to strengthen institutional knowledge and reduce reliance on external expertise over time.
Delivering in the public sector context
Public sector engagements require a particular kind of professional discipline. Timelines are frequently fixed by legislative or regulatory requirements. Stakeholder environments are complex and include oversight bodies with significant institutional authority. Documentation standards are high and must withstand independent review by supreme audit institutions and parliamentary oversight committees. HarAik’s engagement model is designed to meet these requirements, with senior-led delivery, rigorous documentation practices, and clear lines of accountability maintained throughout.
Our experience across Saudi Arabia, Bahrain, and the wider GCC gives us a grounded understanding of the regulatory, institutional, and political context in which public sector organisations operate. That contextual understanding is the foundation of every public sector advisory engagement we undertake.
Contributing to Vision 2030 financial reform
Saudi Arabia’s Vision 2030 programme has created one of the most dynamic environments for public sector modernisation anywhere in the world. For finance functions across government ministries, agencies, and state-linked entities, this creates both significant pressure and significant opportunity. The organisations that build robust financial management capabilities now will be better positioned to deliver on the programme’s objectives, to attract and deploy capital effectively, and to demonstrate the accountability that investors, partners, and the public require.
HarAik is committed to playing a constructive role in that process, bringing the technical expertise, regulatory knowledge, and institutional experience that effective public sector financial reform requires.