The head of the Libyan Audit Bureau, Khaled Shakshak, signed an agreement on behalf of the Bureau on Monday with the British international audit company BDO, to enhance cooperation in forensic auditing and accounting.
The Audit Bureau said the agreement, signed at BDO’s headquarters in London, comes as part of its endeavour to adopt a strategy to continue contracting with major audit offices, to follow up and evaluate Libyan investments and assets abroad, push towards improving their performance, and take the necessary measures to protect them from depreciation and loss.
The head of the Bureau stressed the importance of reviewing the Libyan state’s investments abroad, explaining the Bureau’s intention to seek assistance from international expertise offices known for their competence and good reputation in the field of auditing and review, and to benefit from their experience in this field, and in other targeted areas such as projects and investments in the field of oil and energy.
The Audit Bureau reported that BDO Director of the Forensic Audit Department, Karen Daily, and member of the Board of Directors of BDO, Greaves, expressed their thanks to the Libyan Audit Bureau, and their pride in working with it, due to its good reputation among Libyan state institutions.
The Audit Bureau said it has created within its structure an office concerned with auditing financial statements through communication with local and international audit offices. This is the first experience of its kind in the history of the Bureau, which aims to develop the supervisory work and improve the quality of reports. It also aims to train the Bureau’s members on auditing and developing the accounting profession through motivating local accounting and auditing offices.
As part of its follow-up of Libyan investments abroad, the Audit Bureau said it has concluded the first contract with the international auditing firm RSM in late 2022 in London, to review and evaluate Libyan investments abroad, and to train members of the Bureau in the field of investment portfolios.
The Audit Bureau pointed out that BDO is one of the five largest accounting companies in the world, specializing in the field of auditing and consulting, spread in 164 countries, and has more than 1,800 offices spread across America, Europe, Asia and the Middle East.
