The Working Group on Financial and Economic Stability Focuses on Planning for Change During its Twelfth Annual Meeting in London, U.K.
By Brandon Kruse, U.S. GAO
The INTOSAI Working Group on Financial and Economic Stability (WGFES) held its twelfth annual meeting on May 14–15, 2025 at the National Audit Office in London, U.K. Nearly 60 representatives from 26 supreme audit institutions (SAIs) attended the two-day meeting. The event focused on the theme Planning for Change and featured talks with industry experts, presentations by SAIs on recent audit work, and member discussion and networking.
Comptroller and Auditor General of the National Audit Office, Gareth Davies, opened the first day of the meeting by welcoming the attendees and acknowledging the important role of SAIs in helping their governments keep pace with change and promote financial stability. Richard Hughes, Chair of the Office for Budget Responsibility, then shared recent analysis from his office on climate change risks to public and private investments. The morning concluded with a panel discussion by experts from academia, government, and the private sector on the use of artificial intelligence in the financial sector.
Later in the day, members from five SAIs presented and discussed recent audits of financial regulators and capital markets. Members then concluded the day at the Chartered Accountants’ Hall in Central London with networking and a talk on financing models for public infrastructure by Matthew Vickerstaff, Deputy Chief Executive Officer of the National Infrastructure and Service Transportation Authority.
The second day of the meeting opened with remarks by Nat Benjamin, Executive Director for Financial Stability Strategy and Risk at the Bank of England. Afterwards, members discussed efforts related to theme I of INCOSAI XXV on auditing central banks and government activities during financial and economic crises. Throughout the remainder of the second day, members from 15 SAIs presented recent audit work on central banks, government financial management, financial technology, money laundering, and other topics.
Gene Dodaro, U.S. Comptroller General and Chair of the WGFES, addressed members virtually from Washington, D.C. He highlighted key financial and economic stability risks and the important work members are conducting in their home countries to monitor and help manage them through their audits. He discussed his agency’s own work to audit the response of bank supervisors that led up to recent bank failures in the U.S. He concluded by acknowledging that his 15-year appointment as U.S. Comptroller General will conclude at the end of 2025. He said he was proud of the WGFES’ accomplishments over the past 12 years and emphasized the strong working relationships and ongoing knowledge sharing among the WGFES’ members.
The WGFES is Chaired by the U.S. Government Accountability Office and remains open to all INTOSAI members. Please contact intosai-financial-stability@gao.gov for more information.
