Arab Society of Certified Accountants signs cooperation agreements in Libya

The Society will employ its resources and expertise in the service of Libyas development plans and capacity-building

Tripoli, Libya - 17 October 2009 ? The Arab Society of Certified Public Accountants (ASCA) signed two cooperation agreements with each of the Libyan Stock Exchange (LSE) and the Arab Center for Human Resources Development (ARCHD) of the Arab Labor Organization, an agency of the League of Arab States, based in Tripoli.

Through these agreements, ASCA seeks to employ its technical capabilities and vast expertise for the qualification of the Libyan national professionals and capacities in order to serve the comprehensive and extensive development process in Libya, which receives the full support of the government at all levels.

Under the agreement signed with the President of ARCHD, Dr. Ramadan Snoussi in the presence of representatives of the Arab Labor Organization, ARCHD was accredited as a center for training and qualification according to the accounting programs offered by ASCA, with a focus on the qualification of Libyan professionals who wish to obtain the Arab Certified Professional Accountant (ACPA).

On the occasion of signing the agreement, Dr. Snoussi stressed the need for ASCA to be present in Libya so that Libyan professionals may benefit of the expertise and services provided by ASCA, especially that the Libya is planning an extensive development process, involving all sectors and components of its economy. He proposed to host the office of ASCA in the premises of ARCHD in Tripoli.

ASCA also signed a cooperation agreement with Libyan Stock Exchange (LSE) which have recognized the certificate of Arab Certified Professional Accountant (ACPA) for the purposes of qualification, licensing and registration in the Libyan Professionals Register in order to practice the profession of external auditing for companies listed on LSE in accordance with the registration requirements of the Accountants and Auditors Register. The agreement stipulates that the parties shall cooperate in holding and organizing training courses that focus on the ACPA certificate program which was developed by ASCA to be in line with the accounting qualification syllabus approved by the United Nations Conference on Trade and Development (UNCTAD).

Mr. Suleiman Salem Shehoumi, Secretary of the LSE Management Committee explained that the adoption of international accounting and auditing standards in Libya requires intensive training efforts to qualify accountants and auditors in the public and private sectors to implement these standards. He called ASCA to open a branch at LSE to be a reference for Libyan professionals to benefit from the expertise and training and technical potentials of ASCA, and to start organizing and conducting training seminars and courses in the areas of accounting and auditing, including the ACPA certification program.

ASCA is a global professional non-profit association of accountants, founded in 1984 and dedicated to the promotion of the highest Arab accounting, auditing, ethical standards and capacity building through the institution of globally recognized qualification educational and training programs. ASCA is classified by international specialized houses within the top seven professional accountancy bodies worldwide.