Research Paper on:
Introduction for a Research Project on Improve the Performance of the Accounting Profession in Libya

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economy to develop effectively there is a need for assurances of accuracy, efficiency and in many instances there is a need for transparency to a range of different stakeholders (Hertel,  2008). The way that these are achieved is the result of various influencing factors. The regulatory framework will be extremely important, this sets the standards which are required for accounting  undertaken in the country, but this alone is not always sufficient, the way in which the accounting profession performs is also important. There are many cases of poor professional standards;  these may reflect a poor regulatory framework, poor enforcement or lax requirements and general standards, and will hinder development (Elliot and Elliott, 2008). These all hinder economic development, from poor  standards such as those that hid the losses of Enron (Kay, 2002), WorldCom (Scharff, 2004) and Parmalat (Kapner, 2004) that shook confidence in the stock markets to the way that  accounting may hide corruption and misrepresent results as seen in China prior to the current accounting regulatory regime (China Daily, 2004). In all cases there have been calls  for the improvement of accounting standards, improvements of professional standards, where there is the desire to increase confidence in the market, the companies, investments or the government there is little  doubts that high professional accounting standards will be supportive and may be a key aspect of economic and social development strategies (Chinn and Ito, 2006). Libya is a country  that is undertaking a number of development strategies, to improve the internal infrastructure for the citizens, to pursue internal development as well as seeking to attract foreign direct investment. Therefore  increasing the standards of professional accounting may benefit these existing strategies and as such is a suitable area of study. 1.1 Justification for the Study Identifying the means of