Report on the US Government Budgetary Systems and Saudi Arabia Government Budgetary Systems
Budgetary process of the US and Saudi Arabia are different from each other in many aspects. Budgetary systems of the US are based on the budget and Accounting Act of 1921 and Congressional Budget and Impoundment Control Act of 1974. Whereas budgetary systems of the Saudi Arabia are based on the rules and regulations devised by the Kingdom of Saudi Arabia. Budgetary system of the Saudi Arabia is not disclosed to the general public. National budget in Saudi Arabia compiled by the Ministry of Finance is approved by the Royal institution and then it is allowed to be published in the Official Gazette. Budgetary Systems of the Saudi Arabia was made on the basis of the Hijri year but in 1987 its basis was changed to the Gregorian calendar.
In US budget is prepared when president submits a request to the congress for the preparation of the budget. Then Office of Management and Budget carries out the formulation process of the budget. Budget is prepared for all the institutions of the state from federal executive departments to the independent agencies. Budget Control Act of 2012 also plays its role to in the formation of the different provisions of the budget and controls it. Different resolutions related to the budget are also approved by the congress, House and Senate. Authorizing committee is capable of resolving any issues related to the budget process. Categories of the different types of the spending like mandatory spending and discretionary spending are also outlined in the budget process. Authorized resolutions of the budget are then presented before the general public and it becomes considered as a budget published for the relevant fiscal year.
Saudi Arabian monetary agency and Ministry of Finance authorize and control the process of the budget and its components. Consultative Assembly reviews the budgets laid down by the relevant institutions. This assembly is not authorized to approve any section of the budget. Ministry of the Finance controls the process of the budget and has powers to allocate expenditures for the different sectors of the economy. Council of the Ministries give final approval of the prepared budget. Ministry of Finance is authorized to publish the highlights of the approved budget, and it has also obtained powers related to the implementation and supervision of the budget and spending in different sectors of the economy. Final Representative Department of the Ministry of Finance carry out audit procedures related to the inspection of the budget and allocation of different expenditures.
Ministry of Finance in the government of the Saudi Arabia performs some of the important functions like implementation of the fiscal policy of the government is supervised by it, preparation of the budget for the government and its implementation and monitoring, properties of the government are protected and supervised by it, closing of the annual accounts of the government are also supervised by the ministry of finance, collection of the government revenue is also controlled by Ministry of Finance, represents financial matters of the government at international levels and implements different resolution of the government to protect financial and economic state of the country. (Degenhart, 2008)
One of the most important executive department of the US government is its treasury department. Some of the prime functions of the US Treasury Department are publication of the statistical reports, enforcement of the laws related to the tax and federal finance, controlling tax evasion, produces all of the currency, postage stamps and coinage used in US, collects all duties sand taxes, pays bills of the US government, federal finances are also managed by it, controls international and domestic financial issues, controls national banks of the US, US public debt and accounts of the government are also managed by this department. (Putra, 2011)
General Auditing Bureau is an important institution of the government and it is also a division of the Receivables Control Corporation. It is established in Saudi Arabia in 1971. It is directly required to report to the king. Strategic plans were developed by the General Auditing Bureau in 2004, to carry out its roles and responsibilities in an efficient way. It has also improved relations with the audited entities in the world and contributed in the development of the different state agencies. It has formulated an internal audit unit and made advancements in the profession of auditing and accounting. (Faqeeh, 2009)
Both of the countries must practice their own accounting and auditing standards according to the needs their industrial, economic and financial needs. Reporting requirements must be also standardized so that domestic entities would be capable of understanding the requirements of the financial reporting and standards practiced in the industry. International accounting standards shall be also adopted so that international organizations would carry out their reporting in a widely acceptable form.

References
Degenhart, D. H., 2008. The Functions of a Corporate Treasury. [Online]
Available at: http://treasury-management.com/article/4/121/1053/the-functions-of-a-corporate-treasury.html
[Accessed 26 4 2016].
Faqeeh, O. J., 2009. The Role of the General Auditing Bureau of Saudi Arabia. International Journal of Government Auditing.
Putra, L. D., 2011. 8 ROLES OF A TREASURY DEPARTMENT. [Online]
Available at: http://accounting-financial-tax.com/2011/06/8-roles-of-a-treasury-department/
[Accessed 26 4 2016].