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IASCA Holds a Qualifying Exam for the IACPA for Staff of Libya’s Audit Bureau
18-Apr-2022
AMMAN - The International Arab Society of Certified Accountants (IASCA) held a qualifying exam for the International Arab Certified Public Accountant (IACPA) certificate for a group of employees of the Libyan Audit Bureau.
The curriculum of the IACPA was developed based on the International Accounting Standards (IAS) and the International Standards on Auditing (ISA), with the participation of experts from the Society. The Curriculum was approved by some Arab countries including the United Arab Emirates, Yemen, Syria, Lebanon, Sudan, Qatar, and Kurdistan Region (Iraq), for the licensing and practicing of the accounting and audit profession
This certificate aims at building and develop the needed cognitive capabilities relevant to understanding the theoretical and conceptual aspects of the International Financial Reporting Standards (IFRS). The certificate also aims at building the ability to apply the international standards in practical accounting professionally, along with assisting in the provision of continuous professional development (CPD) regarding the standards, and the follow-up of their amendments and updates.
It is worth noting that last year, IASCA signed a cooperation agreement with the Libyan Audit Bureau that aims at supporting the Bureau in achieving its plans and projects. It also aimed at developing and enhancing the professional competence in various Libyan departments and official institutions.
The agreement addressed the cooperation in the design and development of training curriculum, selection of trainers and the development of their skills in accounting, auditing and the relevant disciplines and granting them professional certificates, in addition to holding specialized training courses according to the needs of the Bureau to assist in the adoption and application of the International Public Sector Accounting Standards (IPSAS).
It is worth noting that the Libya Audit Bureau is an independent professional entity and the supreme audit institution in Libya that is directly affiliated with the Legislative Authority. It is an unbiased independent professional body with an independent legal personality and financial status. The Bureau primarily aims to achieve effective control over public funds to verify the proper use of such funds and how to allocate them, by examining and reviewing accounts and evaluating the performance of all entities subject to its control.