Regulatory Alerts2010-01-01
Circular Letter No. (5) for the Year 2010
The Egyptian Financial Supervisory Authority (EFSA) mandates that all regulated entities, including listed companies, securities firms, insurance entities, and real estate financing companies, must exclusively engage auditors registered with the EFSA's official Register of Auditors. This directive, issued on September 9, 2010, requires companies to secure a formal confirmation letter from the EFSA's Quality Control Unit verifying an auditor's active registration status prior to entering into or renewing any audit service contracts. The requirement stems from multiple capital market, insurance, and financial supervision laws, reinforcing the Authority's prohibition on unregistered auditors and its centralized quality control framework.
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