Accounting and Auditing of Financial Derivatives: The Case of Maridive & Oil Services (MOS)

Accounting and Auditing of Financial Derivatives: The Case of Maridive & Oil Services (MOS)

Department

El Khazendar Business Research and Case Center

Abstract

The Egyptian Capital Market Authority (CMA) examined the company’s financial statements for the year ended on December 31, 2008, while the auditors’ reports forced the company’s management, despite the objection of two of the company’s auditors, to restate its financial statements at December 31, 2008, and modify its profit appropriation statement after their publication to shareholders and the public. The research presents the problems related to the application of the International Accounting Standards no 32 and 38 “Financial assets and Derivatives,” their Egyptian equivalents, and the Egyptian Standards on auditing no 700 and 702. Further, the research identifies the differences associated with auditors issuing contradictory audit reports for a company’s single set of financial statements.

Publication Date

2011

Document Type

Book Chapter

Book Title

Cases on Business and Management in the MENA Region: New Trends and Opportunities

ISBN

ISBN139781609605834

Publisher

IGI Global

City

Cairo, Egypt

First Page

10

Last Page

26

Keywords

Accounting, Auditing, financial derivatives, Maridive & Oil Services, MOS

Accounting and Auditing of Financial Derivatives: The Case of Maridive & Oil Services (MOS)
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