Use of financial accounting firms contribute to save public funds

2/7/2015 0:00

Cooperation with the Iraqi experience paints a resource management scenario
 BAGHDAD - Mustafa al-Hashemi



Iraq has achieved positive economic results Bastaanth companies accounting, auditing, financial and banking consulting represented the achievement of advanced steps in the banking side by accelerating the restructuring and rehabilitation of government banks operations as well as the country's external debt audit.

In this context, the banking consultant, Dr. Essam Mahouelle the companies consulting and financial auditing and supervisory banking and significant impact on the prosecution of foreign debt and restrict them to the side doing the rehabilitation and development of the experiences of local financial and banking staffs said, adding that the development of expertise required to keep up with the march of these sectors with the world.



The government had contracted earlier with 4 financial institutions, along with global banks as external advisors who provide advice, support and consulting with all related activities to settle Iraq's foreign debts.

He said banking consultant told the "morning": "contributed to the use of foreign expertise to reduce its external debt owed by Iraq due to the wrong policies of the former regime, as Iraq hit mostly leaving them little thing."

He said the conditions experienced by the country late last century caused his removal from the world and keep abreast of developments in the administrative, financial and regulatory regimes, especially that many countries have made significant strides in the use of technology in the financial and banking transactions where implemented financial automation adopting smart cards (Cardt Card) What shares the introduction of new payment systems were not present at the time.

He noted that the introduction of foreign shares experiences much to protect public funds from waste and loss, misconduct and be sure to use these funds for their intended purposes and raising overall performance levels in the majority of the state apparatus.


He explained that the work of companies and financial institutions that have been contracted is showing a technical opinion after studying the financial statements and submit proposals to the steps that must be taken and appropriate measures that increase the efficiency of the Iraqi economy, as well as they contribute to the development and formulation of rules and accounting standards administrative, financial and banking systems because of its from long experience and expertise accumulated and professional relationships with the countries of the world.

He pointed out that it depends data in order to build a sound decision based on the principles and accurate information, whether these decisions in the near term, or long and composition perceptions about performance management devices, access to building strategies for administrative reforms for economic development, and improve the level of services to get to the achievement of the objectives country in a sound economic system.



He stressed the importance of the role of these institutions in cooperation with the Iraqi experience in the design of public financial resources of the state management scenario and how to use those resources effectively, efficiently and economically.

Little institutions that contracted with the government represented by all of Ernst & Young (accounting consultant and checksum) responsible for checking and matching Iraq's foreign debt and the Foundation Cleary Kutlob (external legal adviser) and the Foundation French Alzard Foundation Houlihan Lokey English and the Bretton City Krupp and JP Morgan, two two banks is their mission providing support to the Ministry of Finance to settle trade creditors foreign debt (foreign private sector) due to the wide spread of homosexuality around the world.



The Finance Minister Hoshyar Zebari search earlier with a representative of Ernst Young preached Baker and a number of the company's experts package of financial and accounting issues and the process of rehabilitation of government banks During the meeting agreed on a number of issues of concern to the financial and economic situation in Iraq - according to a statement the Ministry of Finance.


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