The submitted document is a copy of a decision issued by the General Authority for Financial Supervision, published in the Egyptian Official Gazette, Issue 214, on September 13, 2009. The decision addresses procedures related to the registration of auditors registered with the Authority, defining permitted activities, regulating their practices, and establishing licensing and fee collection conditions.

General Authority for Financial Supervision

Decision No. 24 of 2009

Dated 11/9/2009

Amending the Decision Establishing the Quality Control Unit for the Work of Auditors Registered with the Authority

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Chairman of the Board of Directors of the General Authority for Financial Supervision

Having reviewed the Law on Joint Stock Companies, Companies Limited by Shares, and Limited Liability Companies issued under Law No. 159 of 1981 and its executive amendments:

And having regard to the Law on Supervision and Control of Insurance issued under Law No. 10 of 1981 and its executive amendments:

And having regard to the Law on the Regulation of Financial Market Activities issued under Law No. 95 of 1992 and its executive amendments:

And having regard to the Law on Real Estate Registration issued under Law No. 148 of 2001 and its executive amendments:

And having regard to the Law on the Regulation of Supervision over Non-Banking Financial Markets and Instruments issued under Law No. 10 of 2009:

And having regard to Decision No. 84 of 2008 of the Board of Directors of the General Authority for the Capital Market regarding the establishment of the Quality Control Unit for the Work of Auditors Registered with the Authority's Records:

And having regard to the approval of the Board of Directors of the General Authority for Financial Supervision in its session No. (2) of 2009 dated 3/8/2009:

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Decided:

(Article One)

The title "Quality Control Unit for the Work of Auditors Registered with the Authority's Records" is amended to read "Quality Control Unit for the Work of Auditors Registered with the Records of the General Authority for Financial Supervision", and the following article replaces Article One of the Decision Establishing the Quality Control Unit for the Work of Auditors Registered with the Authority's Records:

The Quality Control Unit for the Work of Auditors Registered with the Records of the General Authority for Financial Supervision aims to verify that auditors practice the activities specified in the relevant laws, decisions, and regulations, and to ensure that auditors registered in the record perform their duties in accordance with applicable auditing principles and ethical and professional regulations.

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(Article Two)

The following article replaces Article (1) of the following article of the Decision Establishing the Quality Control Unit for the Work of Auditors Registered with the Authority's Records:

Quality Control Unit for the Work of Auditors Registered with the Authority's Records:

1. Aims to safeguard the standards of audit firms permitted to audit the accounts of companies listed or their securities on the Securities Exchange, general partnership companies, companies operating in the securities field, investment funds established by banks or insurance companies, real estate financing companies, insurance and reinsurance companies, and cooperative insurance associations, in addition to safeguarding measures, rules, and procedures for suspending auditors from the register or banning them from the register, and adopting these rules by the Authority's Board of Directors.

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(Article Three)

The following article replaces Article Three of the Decision Establishing the Quality Control Unit for the Work of Auditors Registered with the Authority's Records:

Unit Composition:

"The Unit shall be composed of: The Chairman of the General Authority for Financial Supervision or his delegate ................... Chairman of the Board An authorized executive director, appointed by the Chairman of the General Authority for Financial Supervision ....... Secretary to the Board"

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(Article Four)

The following article replaces Article Four of the Decision Establishing the Quality Control Unit for the Work of Auditors Registered with the Authority's Records:

Unit Composition:

"The Unit shall not convene an internal register meeting unless a formal quorum is present, at minimum. Board decisions shall be issued by a simple majority of attending members, specifically concerning the recommendation to suspend or ban auditors, or taking any measures or actions against audit practices, or banning auditors, effective only from the date of approval by the Authority's Board of Directors."

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(Article Five)

This decision is published in the Egyptian Official Gazette, and shall take effect from the day following its publication date.

Chairman of the Board of Directors Dr. Zayed Adel El-Sayed