Tripoli, Libya – 17 October 2009 -- The Libyan Stock Market (LSM) recognized the Arab Certified Public Accountant (ACPA) certificate offered by the Arab Society for Certified Accountants (ASCA) and the University of Cambridge International Examinations, and accredited ACPA to be equivalent to international professional certificates, namely CPA and CA, for audit practice licensing purposes.
The LSM decision was issued on October 5, 2009. ASCA received an official letter accrediting ACPA from Mr. Suleiman Salem Al-Shohomi, Secretary of the LSM Management Committee. The letter stated that holders of ACPA, who have fulfilled the requirements for registration as certified accountants shall be registered in the Accountants and Auditors Register authorizing them to practice external auditing for LSM listed companies in accordance with the Register’s requirements. Libya is the most recent Arab state to recognize ACPA.
ACPA certificate is accredited by the University of Cambridge International Examinations and it was recognized by several Arab countries including Jordan, United Arab Emirates, Palestine, Yemen, Iraq, Oman and Syria. Under the decision, ASCA has been enlisted among the approved professional institutions for the audit profession and ACPA certificate has been recognized for licensing to practice certified professional accounting. Thus, the ACPA continues to gain Arab and international recognition.
The Arab Certified Public Accountant (ACPA) program was developed in accordance with the accredited accountant qualification curriculum issued by the United Nations Conference on Trade and Development (UNCTAD). The curriculum consists of eight papers offered in Arabic language except for the eighth paper which is offered in English or French as an additional course.
The ACPA examinations are organized in 36 centers in different major Arab cities. Upon successful completion of the ACPA program, the students attain the ACPA certificate qualifying them to practice professional accounting and auditing in addition to granting them ASCA membership.