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Egyptian Documents - No. 173, Annex (A) dated 28 July 2008

Ministry of Investment

Decision No. 166 of 2008

Issuing the Egyptian Standards for Auditing, Review Engagements, and Other Assurance Services

Minister of Investment

Having reviewed Law No. 133 of 1951 concerning the practice of accounting and auditing professions and its implementing decisions and amendments;

And Law No. 159 of 1981 issuing the Law on Joint Stock Companies, Commandite Companies, and Limited Liability Companies, and its supervisory directives and amendments;

And Law No. 95 of 1992 issuing the Capital Market Law and its supervisory directives and amendments;

And Law No. 8 of 1997 concerning investment guarantees and incentives;

And Presidential Decision No. 231 of 2004 organizing the Ministry of Investment;

And Minister of Investment Decision No. 310 of 2008 concerning the committee reviewing the draft Egyptian Standards for Auditing, Review Engagements, and Other Assurance Services;

And the letter from the Capital Market Authority dated 30/6/2008;

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Preamble:

(Article One)

The attached Egyptian Standards for Auditing, Review Engagements, and Other Assurance Services are hereby approved and shall be applied when auditing annual financial statements, or reviewing quarterly financial statements of joint stock companies subject to the provisions of Law No. 159 of 1981 issuing the Law on Joint Stock Companies, Commandite Companies, and Limited Liability Companies, or the provisions of the Capital Market Law issued by Law No. 95 of 1992, and its amendments.

(Article Two)

Accountants auditing the companies referred to in the preceding article shall be bound by the attached standards of this decision as of their effective date.

International Auditing Standards shall apply to matters not explicitly addressed in the Egyptian Standards.

Any provisions contradicting the foregoing are hereby repealed.

(Article Three)

The attached auditing standards shall take effect for auditing or reviewing financial statements for periods ending after 1/1/2009, as well as for other assurance services, as of the aforementioned date.

(Article Four)

Minister of Foreign Trade and Industry Decision No. 652 of 2000 issuing the Egyptian Auditing Standards is hereby repealed.

(Article Five)

This decision shall be published in the Egyptian Gazette, and those concerned shall implement it according to their respective jurisdictions.

Dated 30/6/2008

Minister of Investment
Dr. Mahmoud Mohieldin