Regulatory Alerts2024-05-23 | CBE2.5Added · Updated
CBE Regulation Book 2.5 - Requirements For Preparing An Annual Report To Evaluate The Efficiency Of Internal Control Systems
The Central Bank of Egypt requires banks to prepare an annual internal control report using the 2013 COSO framework as a minimum standard, including evaluations of the control environment, risk assessment, control activities, information and communication, and monitoring processes. Banks must submit this report to their audit committee and board of directors for approval, and subsequently provide it to the bank's external auditors for review prior to the general assembly meeting. The regulation mandates that external auditors include their opinion on the adequacy of the internal control system in their final report to the Central Bank, with the first submission required for the fiscal year ending December 2022 by June 30, 2023.
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