Finance issues a clarification regarding the selection of Ernst & Young to review its data, 4 DEC

  Finance issues a clarification regarding the selection of Ernst & Young to review its data

12/4/2023

 Today, Monday, the Ministry of Finance issued a clarification regarding the selection of Ernst & Young to review its data.

The Ministry said in a statement received by {Al-Furat News}, “The media and social networking sites have recently covered 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... Adoptions of the Iraqi government's reform program.

She added, "Ernst & Young (EY) is one of the largest and leading professional services companies in the world with more than 700 locations in 150 countries. It was founded in 1903 and has been operating in Iraq since 1923, for nearly 100 years," explaining that "Ernst & Young demonstrated a firm commitment to Iraq by reopening its office in Baghdad in 2004. The Baghdad office works fully 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 northern and southern regions of Iraq." .

She stated that she "has worked with this company since 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, and the Ministry of Reconstruction 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 Trade Bank of Iraq for a number of years. ".

She stressed that "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, and the company is still continuing in this role,"

Explaining that "the company has worked since the year 2004 with Al-Rafidain and Al-Rashid Banks 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-Rasheed Banks for the years 2006 and 2014 in accordance with International Accounting Standards (IFRS), which contributed to increasing the company’s knowledge and understanding of the Iraqi financial and banking sector.”

She stated that "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 and oversight tools." ".   LINK