الهيئة العامة للرقابة المالية

• The working team’s efforts culminated in the first update of the Egyptian Auditing Standards in 17 years.

Dr. Mohamed Farid – FRA Chairman:

• The standards were developed through integrated collective work, bringing together specialists and experts driven by a high sense of national responsibility.
• The Authority always relies on distinguished national competencies to achieve the desired development in various fields of financial supervision.

Dr. Mohamed Farid, FRA Chairman honored the working group responsible for developing the Egyptian Auditing Standards. This took place during the “Y-CHAMPIONS” awards ceremony for non-banking financial literacy and anti-fraud efforts, held at FRA’s headquarters in Smart Village, which also celebrated certified financial trainers In Youth Clubs and Youth Development Centers. Dr. Farid extended special thanks and high appreciation to Mr. Mohamed Yehia, Advisor to FRA Chairman for Financial Reporting Quality and Auditing Standards, for leading the Authority’s team that undertook the critical task of studying and preparing the updated version of the standards.

The issuance of the updated Egyptian Auditing Standards approved by Prime Minister Dr. Mostafa Madbouly’s Decree No. 3725 of 2025, marks the first update in 17 years. The new standards are designed to align with the fundamental changes introduced in international auditing and financial examination guidelines. This update aims to close the professional and regulatory gap between the previous Egyptian standards and their international counterparts. Furthermore, the revised standards will significantly enhance the transparency and reliability of financial statements issued by Egyptian companies, thereby supporting the national economy’s increasing integration with global markets and the growth of cross-border financial and investment activities.

Dr. Farid expressed his profound appreciation and gratitude to the Auditing Standards development-working group. He affirmed that their extensive efforts represent an exemplary model of institutional work, grounded in knowledge, discipline and precision. He further explained that the team’s professional and academic contributions in updating and developing the standards are a pivotal step that will bolster the quality of auditing and oversight, support the credibility of financial reports in the Egyptian market, and ultimately positively impact investor protection and the stability of non-banking financial activities.

Dr. Farid affirmed that the process of developing the Auditing Standards was the result of integrated collective work, bringing together specialists and experts with a high spirit of national responsibility. He commended their professionalism and commitment to align the Egyptian standards with international best practices while carefully considering the specifics of the local economic environment. He stressed that this achievement will remain a landmark in the development of Egypt’s regulatory and accounting infrastructure, valuing every effort that contributed to its drafting, review or support.

Dr. Farid stated that the Authority believes in the pivotal role of Auditing Standards in boosting confidence in corporate financial data. This is achieved by ensuring adherence to the highest degrees of objectivity, independency and accuracy which enables all stakeholders to make decisions based on reliable financial information. He noted that the issuance of the updated standards is a continuation of Egypt and FRA’s efforts to develop the regulatory and professional system, achieving integration between accounting and auditing standards. This consolidation reinforces the foundations of transparency and accountability, enhancing the capacity of both state institutions and the private sector to meet economic challenges and achieve sustainable development.

FRA Chairman concluded his address by expressing pride in the team for their dedication and professionalism, emphasizing that the Authority always relies on distinguished national competencies to achieve desired development across all areas of financial supervision. He extended his greetings and appreciation for their efforts, which contribute to raising the efficiency and quality of the auditing profession and boost investor confidence in the Egyptian market. Finally, he called upon the team to continue working with the same team spirit and determination to achieve further accomplishments in the future.