By Sami Zaptia.
London, 12 January 2021:
The Libyan Investment Authority (LIA) reported yesterday that it had on the same day signed a contract with Ernst & Young to test its 2019 financial statements.
It also announced the launch of what it called the ‘‘preparatory phase for reviewing and auditing its final accounts for the year ending in 2019’’.
It said this comes as part of its commitment to implement its strategies to activate governance, transparency, and disclosure.
This stage, it explained, aims to analyse the gap and test the suitability of its financial statements for the year 2019 to international standards, and their readiness for auditing by the external auditor.
The LIA revealed that for two consecutive months, Ernst & Young will conduct the necessary tests for its financial statements for the year 2019 in order to assess the time and cost required to conduct the integrated audit process and complete it in accordance with international best practices.
The LIA said its chairman, Ali Mahmoud Hassan, expressed his happiness with this positive step, which ensures continuity and commitment to publishing the best controls in the field of auditing, risks, compliance and reporting, and to reinforce the LIA’s continuous efforts to build confidence with stakeholders by raising the degrees of governance, disclosure and transparency, and achieving institutional excellence.
