Arab Finance: Prime Minister Mostafa Madbouly approved implementing the new Egyptian standards, proposed by the Financial Regulatory Authority (FRA), for auditing and financial review and regulating oversight of non-banking financial markets and instruments, according to a statement.

The updated standards will come into effect on January 1^st, 2027, canceling the 2008 framework and bringing local auditing practices in line with international standards.

Updated after 17 years from issuance, these standards mark significant step toward enhancing the quality of financial reporting and raising transparency and governance levels in the Egyptian business environment.

It will also boost confidence in companies' financial statements and attract more investment to the Egyptian market.

The FRA spearheaded efforts to prepare and update Egyptian standards for auditing, limited review, and other assurance engagements.   

The new framework is presented in three main sections, comprising a total of 46 standards. The first section includes one standard for quality control and 37 standards for auditing.

The second one contains one standard for limited examination engagements, five standards for other assurance engagements, and two standards for related service engagements.

As for the third section, it has supplementary publications and guides for implementing the standards.

The updated quality control standard for auditors' work will require firms and professional organizations to establish a comprehensive quality control system that ensures their adherence to professional standards and applicable legal and regulatory requirements.

It also mandates the implementation of effective internal control systems that secure a high level of confidence in the financial reports issued. Moreover, it ensures that reports issued by the firm or its partners responsible for audit and other assurance engagements are appropriate and reliable.

The new version also introduced advanced technological tools in audit work, encouraging audit offices to employ data analysis and electronic auditing systems.

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