Finance explains the reasons for choosing Ernst & Young International to review its data
Finance explains the reasons for choosing Ernst & Young International to review its data
04-12-2023
Today, Monday, the Ministry of Finance revealed the reasons for choosing the international auditing firm Ernst & Young (EY) to review its data.
The Ministry stated in a statement, “The media and social networking sites have recently circulated topics related to the reasons for the Ministry of Finance choosing the international auditing firm Ernst & Young (EY) to review its financial statements, as a first step within the efforts to correct and evaluate the financial policy, which is compatible with the adoptions of the government’s reform program.” In this regard, we point out that Ernst & Young (EY) is one of the largest and leading professional services companies in the world with more than 700 locations in 150 countries, which was founded in 1903, and has been operating in Iraq since 1923, for nearly 100 years. “.
She added: “Ernst & Young also demonstrated a firm commitment to Iraq by reopening its office in Baghdad in the year 2004. The Baghdad office works entirely with the global network of Ernst & Young offices around the world, and in 2008 the company opened its offices in Erbil and Basra to serve Iraq in the north and south regions.” in Iraq”.
She pointed out, “Therefore, the Ministry of Finance has worked with this company from the year 2004 to date on a number of projects, the most important of which was the project to settle Iraqi foreign debts, in addition to other projects of importance. The company is also currently working, since 2004, with a number of ministries such as the Ministry of Oil, The Office of Financial Supervision, the Ministry of Construction and Housing, the Ministry of Planning, the Media and Communications Authority and all ministries with regard to auditing the Development Fund for Iraq, in addition to other financial institutions in Iraq, the most important of which is the Central Bank of Iraq, as the company audited the financial statements of the Central Bank of Iraq for more than 13 years, as well as the Bank. Al-Iraqi Trading Company for a number of years.
She explained, “The company has provided our ministries and governmental and financial institutions with a large number of experts, specialists, consultants and leading methodologies in several fields and of different nationalities, who have contributed to developing the competencies of government sector employees in Iraq. The company is still continuing in this role. The company has worked since 2004 with a banker.” Al-Rafidain and Al-Rashid and the Central Bank of Iraq regarding the project to settle Iraqi foreign debts and a number of other projects such as supervising the implementation of the comprehensive banking system, auditing the work of electronic payment companies, a project to analyze the gaps in all operations of Al-Rafidain and Al-Rasheed banks, and auditing the data of Al-Rafidain and Al-Rashid banks for the years 2006 and 2014. According to International Accounting Standards (IFRS), which contributed to increasing the company’s knowledge and understanding of the Iraqi financial and banking sector.”
The Ministry continued, “The company worked to develop banks, which includes the optimal use of financial, human and technical resources, moving from paper work to possible work, electronic dealing with all banking activities, developing a comprehensive vision for banks in granting credit facilities and loans, and developing work mechanisms, including control tools.” And censorship.”
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