AB calls on all state holding companies and investment funds to complete their consolidated financial statements
By Sami Zaptia.
London, 12 October 2021:
Commenting on the completion by the state Telecommunication Holding Company (LPTIC) of its consolidated accounts until 2020, the Audit Bureau called on all holding companies and investment funds to quickly complete their consolidated financial statements.
It reminded that this is a legal requirement and the basis for judging the reality of the financial position and the result of the performance of those charged with management.
It also reminded all the general assemblies of these bodies of the importance of commitment and imposing the full implementation of governance systems and the associated controls and standards, which will inevitably reflect positively on achieving transparency, activating accountability and improving performance.
On a wider note, the Audit Bureau said the completion of LPTIC’s consolidated accounts in an e-format is a serious step towards digitization and e-government.
This comes, it added, in implementation of the digital transformation protocol by the Audit Bureau in cooperation with the Telecommunication Holding Company, which was approved under the auspices of Audit Bureau head Khaled Shakshak, on the sidelines of his participation in the National Information Technology Day held last June.
The Audit Bureau noted the importance of this procedure as a step towards enhancing transparency and digital transformation through automation and harnessing integrated electronic systems to accomplish business.
The Audit Bureau said it is keen to keep pace with these procedures by activating the digital transformation protocol, through electronic review and taking the necessary professional care to obtain sufficient evidence to express an impartial technical opinion about the honesty and fairness of the financial statements received.