On Jun. 4, EGY CB issued rules for listing, delisting accounting firms.
EGY CB issued rules for listing, delisting accounting firms and auditors in its register.
Came as update of current instructions for auditors in accordance with specifications contained in Law No. 194 of 2020 promulgating the EGY CB and Banking System Law.
Overview
Include general conditions that accounting offices and auditors shall adhere to in order to be approved for registration in the EGY CB's register and to be used by banks.
Also to be used by the payment service providers, payment system operators, credit guarantee companies, credit inquiry, rating companies, money transfer companies.
Set maximum limits for number of years for auditors and accounting offices to review accounts of banks and licensed entities and the minimum limit for their reappointment.
Those conditions aims to achieve governance standards and avoid conflicts of interest.
Set more conditions that auditors must adhere to allowing to monitor bank account.
Granted a one year period to reconcile situation from date of issuance of instructions.
