Abu-Ghazaleh Voices IASCA’s Readiness to Serve Libyan Audit Bureau


AMMAN - The International Arab Society of Certified Accountants (IASCA) Chairman, HE Dr. Talal Abu-Ghazaleh, signed a Memorandum of Understanding (MoU) with the Head of Libyan Audit Bureau Mr. Khaled Shakshak for capacity building of the Bureau’s staff, members and affiliate entities.

Dr. Abu-Ghazaleh expressed his pride in the Bureau’s confidence in the services rendered by IASCA, and highly praised the Bureau’s important role in staff capacity building and increasing efficiency.

Furthermore, Dr. Abu-Ghazaleh affirmed that the MoU comes as a continuation of efforts towards developing the expertise and capabilities of staff working in the audit profession through joint ventures and partnerships between the private and public sectors.

The MoU incorporates three main tracks: evaluating the institutional development programs and the content of the Bureau’s strategic plan, facilitating access to professional certificates issued by IASCA, in addition to establishing the Libyan Supervisory Institute to be specialized in development and training in the financial and supervisory fields and in qualification programs to obtain professional certificates. 
 Moreover, the MoU aims at achieving the Libyan Audit Bureau’s plan in implementing development projects and enhancing professional efficiency in different fields, including the development and design of training material, selection of trainers, organizing training courses tailored to the Bureau’s needs and requirements in addition to the implementation of the International Public Sector Accounting Standards (IPSAS).
Additionally, the MoU stipulates the implementation of restructuring and institutional development projects, conducting an analytical review of the Bureau’s strategic plan and submitting recommendations, building the institutional capacities in project management field, following-up the evaluation of institutional performance, as well as reviewing key performance indicators in terms of initiatives and activities according to the standards of the International Organization of Supreme Audit Institutions (INTOSAI).

Libyan Audit Bureau
The Libyan Audit Bureau, an independent professional entity, is the supreme audit institution in Libya that is directly affiliated to the Legislative Authority. It is a member in international, African and Arab organizations specialized in financial monitoring and supervisory. 

International Arab Society of Certified Accountants
The International Arab Society of Certified Accountants (IASCA), established as a non-profit professional accounting association, aims at advancing the profession of accounting, auditing and other related disciplines worldwide. IASCA also aims at maintaining the professional independence of accountants and their protection, as well as the application of professional supervisory measures  a way to elevate the accounting and auditing professions.