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Libya’s sovereign fund signs auditing agreement with Ernst & Young

TRIPOLI – The Libyan Investment Authority (LIA), the country’s sovereign wealth fund, has signed a contract with Ernst & Young to verify its balance sheet for the year 2019, LIA announced on Sunday.

In a statement, LIA also announced the start of the “preparatory phase for the final audit” updated to 2019. This step is part of the LIA’s commitment to “implement its governance, transparency and disclosure strategies”.

The objective is to verify the suitability of the financial statements for the year 2019 to international standards and the availability for review by the external auditor.

For two consecutive months Ernst & Young will conduct the necessary tests on the LIA budget for the year 2019, in order to evaluate the time and cost of conducting the integrated audit process and completing it in accordance with international best practices.

The Chairman of LIA, Ali Mahmoud Hassan, expressed satisfaction with the agreement that “guarantees the best controls in the field of auditing and to strengthen the continuous efforts of the LIA to build trust with stakeholders by increasing the levels of governance, disclosure and transparency “.

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