The Libyan Investment Authority (LIA) has signed a contract with global accounting firm EY [formerly known as Ernst & Young], launching the preparatory stage of a financial statements audit for the year ending 31 December 2019.
According to a statement from the LIA, this is part of the LIA's commitment to enhance governance, transparency and accountability in line with international best practice.
Spanning two consecutive months, this initial phase will see EY conduct a gap analysis to assess the appropriateness of the LIA's financial listings based on international standards, and its readiness to be audited by an external auditor.
The aim of this exercise is to determine the time and cost required to carry out and complete the integrated audit, in accordance with International Financial Reporting Standards.
Commenting on the signing, Dr Ali Mahmoud Hassan Mohammed, Chairman and CEO of the LIA, said:
"This is a positive step forward for the LIA, ensuring that we continue to deploy best-in-class controls across audit, risk, compliance and reporting. The LIA remains committed to implementing real change in the pursuit of institutional excellence, and we [the Board of Directors] are making good progress to elevate our internal governance and disclosure processes."