Abstract
The development of accounting profession and auditing in developed countries have received considerable attention in the accounting literature. However, the accounting profession and auditing in developing countries have been neglected. Therefore, this study critically evaluates the development of the accounting profession in the developing country context, specifically in Libya. This paper sheds light on the phases of accounting development in Libya, taking into account some factors that affect the accounting practice in the country. These factors include: the Libyan economy; Libyan culture; foreign investment; Big 4 auditors in the country; compliance to the Global Accounting Standards (e.g. IASs, ISA and IFRS) and Libya’s application to WTO.