Egypt, Arab Republic : Accounting and Auditing
During the past decade, Egypt made significant efforts to align corporate financial reporting requirements with the International Accounting Standards (IAS) and to close the compliance gap in both accounting and auditing practices. Consequently, im...
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| Format: | Accounting and Auditing Assessment (ROSC) |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2002/08/6573855/egypt-arab-republic-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14994 |
| Summary: | During the past decade, Egypt made
significant efforts to align corporate financial reporting
requirements with the International Accounting Standards
(IAS) and to close the compliance gap in both accounting and
auditing practices. Consequently, important improvements
have been achieved in accounting and disclosure requirements
for the publicly traded companies and financial institutions
and in Egyptian Accounting Standards as benchmarked against
IAS. Moreover, a new Accounting Practice Law has been
drafted and agreed upon by all stakeholders, though not yet
been ratified. Further improvements could be achieved by
issuing a modern legislative framework that includes an
appropriate regulatory framework for practicing auditors,
addressing weaknesses in professional education and training
arrangements, introducing qualification examinations for
auditor licensing, and developing an enforcement mechanism
to ensure compliance with applicable accounting and auditing standards. |
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