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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)

Mohamed Hegazy, Karim Hegazy
Copyright: © 2011 |Pages: 17
ISBN13: 9781609605834|ISBN10: 1609605837|EISBN13: 9781609605841
DOI: 10.4018/978-1-60960-583-4.ch002
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MLA

Hegazy, Mohamed, and Karim Hegazy. "Accounting and Auditing of Financial Derivatives: The Case of Maridive & Oil Services (MOS)." Cases on Business and Management in the MENA Region: New Trends and Opportunities, edited by El-Khazindar Business Research and Case Center, IGI Global, 2011, pp. 10-26. https://doi.org/10.4018/978-1-60960-583-4.ch002

APA

Hegazy, M. & Hegazy, K. (2011). Accounting and Auditing of Financial Derivatives: The Case of Maridive & Oil Services (MOS). In E. Business Research and Case Center (Ed.), Cases on Business and Management in the MENA Region: New Trends and Opportunities (pp. 10-26). IGI Global. https://doi.org/10.4018/978-1-60960-583-4.ch002

Chicago

Hegazy, Mohamed, and Karim Hegazy. "Accounting and Auditing of Financial Derivatives: The Case of Maridive & Oil Services (MOS)." In Cases on Business and Management in the MENA Region: New Trends and Opportunities, edited by El-Khazindar Business Research and Case Center, 10-26. Hershey, PA: IGI Global, 2011. https://doi.org/10.4018/978-1-60960-583-4.ch002

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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.

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