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

Mohamed Hegazy (American University in Cairo (AUC), Egypt) and Karim Hegazy (Crowe Dr A. M. Hegazy & Co, Egypt)
Copyright: © 2011 |Pages: 26
EISBN13: 9781613504048|DOI: 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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