Lebanon’s Central Bank under Forensic audit

09/03/2020

Lebanon has been trying to find a way to get out of its financial misery, merely through international support. The Cabinet had agreed over a month ago to allocate an auditing firm to conduct a forensic audit of Lebanon’s Central Bank. However, the process has been delayed since the massive explosion that took place at the port of Beirut, resulting in the resignation of the government. Fortunately, things have started to move. Ghazi Wazi, who is Lebanon’s caretaker finance minister signed a contract with Alvarez & Marsal, a firm who specializes in turnaround management and performance improvement, to conduct the forensic audit. Additionally, KPMG and Oliver Wayman, two of the most reputed auditing firms in the world have also been hired to conduct regular financial and accounting auditing. The objective of having a forensic audit of the Central Bank of Lebanon is to have complete transparency regarding how and where people’s money has been used. The Lebanese people hope that the forensic audit would open doors for Lebanon in order to receive financial support from the international community, providing Lebanese some sort of fresh air.

By: Lana Fadel

Picture source:https://www.freepik.com/premium-photo/magnifying-glass-with-business-graphs_9124231.htm#page=1&query=auditing&position=31

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