Regulatory Alerts2017-01-22
Added · Updated
Rules and standards for registering and delisting auditors in the register of the Central Bank of Egypt
The document establishes eligibility criteria for registering independent accounting auditors with the Central Bank of Egypt, requiring Egyptian nationality, full civil capacity, specific academic qualifications in commerce or accounting, and registration with relevant professional bodies. It mandates professional competence standards, including minimum partnership and staff numbers, adherence to auditing standards, and a minimum of 30 hours of annual continuing professional education. The rules impose strict independence requirements, prohibiting auditors from reviewing more than two banks simultaneously or holding financial interests in client banks, and limit engagement tenure to five years per auditor and ten years per firm, with a mandatory five-year cooling-off period. Disciplinary measures for non-compliance range from warnings and temporary suspension to permanent deregistration, while registration is valid for five years subject to renewal fees of 3,000 EGP for new applications and 2,000 EGP for renewal.
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