The Tripoli government announced yesterday that its Ministry of Finance has referred the state’s final accounts for the fiscal years 2016 to 2020 to the Administrative Control Authority (ACA) – a first in over 15 years.
In its correspondence, the Ministry confirmed that the referral is part of completing the accounting cycle and closing the accounts, paving the way for taking the necessary legal measures regarding any observations that may be raised.
The ACA’s role is to review the financial data, verify the extent to which public entities comply with applicable laws and regulations, monitor any financial or administrative violations or irregularities, and issue the necessary recommendations to ensure enhanced transparency and the protection of public funds.
Any proven deficiencies or violations will be referred to the competent authorities for legal action.
