President of the Libyan Audit Bureau Khaled Shakshak participated in the meeting of the African Union’s Board of External Auditors held in Addis Ababa, Ethiopia. The meeting focused on approving the financial statements of the Union and its affiliated bodies for the fiscal year ending December 31, 2023.
The meeting, held on Friday, reviewed summaries of audit reports and special audits prepared by the Audit Operations Committee, which is composed of supreme audit institutions from African Union member states.
According to a statement on the Libyan Audit Bureau’s Facebook page, Shakshak praised the outcomes of the Audit Operations Committee and the level of professionalism demonstrated, in accordance with international auditing standards.
The Audit Bureau’s team, including Inspection and Follow-up Office Director Mustafa Al-Asmar and Investment Audit Department Director Khaled Aniaba, participated in auditing the financial statements of the African Union and its bodies.
The African Union’s Board of External Auditors includes 11 financial audit institutions and is chaired by Egypt’s Central Auditing Organisation.
Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations.
Libya’s economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya’s economy.
The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions.
The planned elections for December 2021 were delayed due to disagreements over election laws and the eligibility of certain candidates. This delay has raised concerns about the feasibility of a peaceful political transition.
Despite the ceasefire, security remains a significant concern with sporadic fighting and the presence of mercenaries and foreign fighters. The unification of the military and the removal of foreign forces are crucial challenges.
