According to Al-Mubarak, the forum aims to share ideas and expertise among all those concerned with internal auditing in both public and private sectors. As part of the Saudi government's efforts to strengthen and activate the role of monitoring within organizations and institutions, the Council of Ministers, at its weekly meeting held on Feb. 28, 2011, approved formation of the Saudi Institute of Internal Auditors. "It is a professional body with an independent legal entity and is under the supervision of the Ministry of Commerce and Industry. The institute's main objective is to develop the internal auditing profession in the Kingdom," Al-Mubarak said. The institute also aiming at playing an active role in strengthening transparency and improving professional efficiency of various organizations, in a way further bolstering the fundamentals of the Kingdom's economy, he added.