Auditor independence has received considerable attention in recent

years. This is due to the fact that independently audited financial statements

may result in the generation of true and fair accounting information which will

help stakeholders to form rational expectations about firms and minimise the

agency cost. It can also be argued that lack of independence would lead

auditors to collaborate with the management of firms and would produce

misleading accounting information. Accepting this premise, this study explores

the effects of 12 different variables on the perceptions of auditor independence

in Libya. A sample of five user groups namely; owners, investors, lenders,

managers and auditors were chosen for the survey. The results suggest that all

user groups regard auditor independence as an important factor in forming their

decisions about firms. Amongst other variables, the non-availability of auditing

standards in Libya is found to be the strongest factor which undermines auditor

independence in Libya

Auditor independence is an important issue which has received considerable attention

since the collapse of Enron, WorldCom and Sunbeam in 2002 and Lehman Brothers

in 2008 in the USA; Bank of Credit and Commerce International in 1991; One.Tel in

Australia in 2001; and Sat yam in India in 2009. In the corporate world, the

importance of this topic comes from the fact that independently-audited financial

statements may result in the generation of true and fair accounting information which

will enable and assist stakeholders to form rational expectations about firms. It will

also result in minimising the agency cost and mitigating the agency problem

(asymmetric information between principals and agents due to remoteness gap). Thus

auditors are expected to monitor the agency relationship as outlined by the agency

theory. However, a lack of independence would lead auditors, who audit financial

statements, to collaborate with firms' managers who prepare these financial

statements. Consequently reliability of these audited financial statements would be

threatened.

Financial statements assist investors in making rational financial decisions if they are

reliable. The reliability of audited financial statements is based, in part, on the nature

and quality of an independent audit. The review of the relevant literature reports

mixed results. It also suggests that the bulk of research is conducted within developed

countries, while little effort is directed to developing countries. This study, therefore,

examines the effects of eight variables which may impact on the independence of

auditors and consequently affect the reliability of financial statements. These

variables include: audit firm size, audit fee size, audit tenure, audit committee, non-

audit services, competition, legal incentives and socio-cultural relationships. 400

questionnaires were distributed to 5 groups which included owners, investors, lenders,

managers and auditors in Libya as a typical developing country. Semi-structured

interviews including 16 respondents were also conducted to complement and enhance

the questionnaire survey results.

The results reveal that users consider auditor independence as an important ground for

reliable financial statements on which they base their decisions. These results

highlight the fact that amongst other variables, the non-availability of auditing

standards in Libya is one of the strongest influences undermining auditor

independence. The results also suggest that across the sub-groups in the sample there

are differences in the relative importance of the variables under study. In addition,

nonparametric tests reveal that these factors have significant impact on the perceived

reliability of audited financial statements. Furthermore, Factor Analysis illustrates the

interrelationship between all variables under investigation. More specifically, the

results suggest that economic, regulatory and country-specific-culture have an impact

on the auditor's independence and the perceived reliability of audited financial

statements.

These results would be useful input for LAAA in developing the accounting

profession and in standards-setting process. The results are also useful input for the

IFAC process in harmonising global accounting and auditing standards. Current users

and potential investors (both local and foreign) may benefit from these findings so as

to be aware and familiar with the characteristics of the Libyan audit market and its

underlying culture.

The sorghum chafer, Pachnoda interrupta Olivier

(Coleoptera: Scarabaeidae: Cetoniinae), is a key pest on

sorghum, Sorghum bicolor (L.) Moench (Poaceae), in

Ethiopia. At present there is a lack of efficient control

methods. Trapping shows promise for reduction of the pest

population, but would benefit from the development of

attractive lures. To find attractants that could be used for

control of P. interrupta, either by mass trapping or by

monitoring as part of integrated pest management, we

screened headspace collections of sorghum and the highly

attractive weed Abutilon figarianum Webb (Malvaceae) for

antennal activity using gas chromatograph-coupled electroantennographic

detection (GC-EAD). Compounds active in

GC-EAD were identified by combined gas chromatography

and mass spectrometry (GC-MS).

Information Communication Technologies (ICTs) provide an opportunity to meet the growing needs of rural areas. Many of the key features of ICT can be used to provide information and the requirements of people in rural areas. The digital divide considered is an important problem that countries face and it is much more complex than simply building out telecommunication networks and infrastructure. The divide is the result of a wide range of social factors, including but not limited to economy factors, education, literacy. Telecommunication infrastructure alone will not guarantee that users will be able to access and take advantage of services on the network. The paper begins with an introduction to the digital divide, and thus to highlight several successful initiatives provided by educational institutions and governmental organizations in Libya in the adoption of ICT. Finally, the paper provides some of the solutions proposed to reduce this divide.

The Paper discuses the issue of audited financial Statements reliability and independent audit in the context of agency theory

ABSTRACT:Web-based forum is an application through the internet to facilitate the process of discussions and exchange of ideas. It is also referred to as online forums, message boards, discussion groups, and discussion forums. Youth can play a role in shaping their societies of immense diversity through the means of communication and participation, and sharing ideas. Therefore, this study leads to develop a web-based forum application to help young people express themselves and their needs, and desires. The requirements of the webbased application were identified from the students in UUM who are in the similar age group, design the application, and a prototype to implement the design. ---------------------------------------------------------------------