Regulatory Alerts2014-01-01
Decision No. 161 of 2014 of the General Authority for Financial Regulation on Registration Criteria for Accountants in the Microfinance Register
The General Authority for Financial Regulation (GAFR) issued Decision No. 161 of 2014 to establish a specialized register and strict registration criteria for accountants auditing microfinance companies, associations, and non-profit institutions in Egypt. The decision classifies registered accountants into three sections based on portfolio size, mandates compliance with Egyptian Auditing Standards, and establishes a Quality Control Unit to monitor compliance and impose disciplinary measures for violations. It further sets registration fees, outlines professional independence requirements, and mandates that all relevant associations and non-profits appoint registered accountants starting from the 2016 fiscal year.
Share