should go through an entry examination, i.e., they should pass this examination to
register in the working accountants with some limitations (Article No. 69).
In 2006 the LAAA introduced the first Exposure Drafts of Libyan Accounting
Standards included 29 accounting standards which are prepared by looked to IASs.
However, due to a lack of LAAA’s members who may supply accounting and audit
services, the Big 4 firms entered the country recently. Although the Law 116 of 1973,
which is the only legislation that regulates the accounting and audit professions in
Libya, prohibits non-Libyans from providing statutory accounting and auditing in the
country, the Big 4 firms became involved in a partnership with Libyan accounting and
auditing firms/offices. Consequently KPMG, Deloitte, Price Waterhouse Coopers have
been involved in partnerships with national Libyan accounting and auditing firms/
offices in Tripoli. However, Ernst and Young have established its own branch under the
name of Ernst & Young and Partners (Shamsaddeen and Akbar, 2010).
should go through an entry examination, i.e., they should pass this examination toregister in the working accountants with some limitations (Article No. 69).In 2006 the LAAA introduced the first Exposure Drafts of Libyan AccountingStandards included 29 accounting standards which are prepared by looked to IASs.However, due to a lack of LAAA’s members who may supply accounting and auditservices, the Big 4 firms entered the country recently. Although the Law 116 of 1973,which is the only legislation that regulates the accounting and audit professions inLibya, prohibits non-Libyans from providing statutory accounting and auditing in thecountry, the Big 4 firms became involved in a partnership with Libyan accounting andauditing firms/offices. Consequently KPMG, Deloitte, Price Waterhouse Coopers havebeen involved in partnerships with national Libyan accounting and auditing firms/offices in Tripoli. However, Ernst and Young have established its own branch under thename of Ernst & Young and Partners (Shamsaddeen and Akbar, 2010).
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