The first meeting of the Unit's BOD from three years ago
General notes will be circulated to the auditors regarding compliance with the rules of the profession
The unit reviews number of violations committed by Auditors
Yesterday evening, the BOD of Quality control unit held a meeting, where Mr./ Sherif Samy - EFSA's Chairman and the chairman of the unit emphasized that the most important thing - that was discussed by the Board of Directors after three years from the last meeting - was the mechanisms to promote the role of the unit and support it in playing its important role . That is in addition to a proposal to publish a periodical memo that includes the most important notes to be circulated to the auditors to ensure their compliance with the rules of the profession in light of the unit's notes. Moreover, the BOD reviewed the inspection reports on the quality of auditors' work and the needed measures to be taken in this respect. BOD Members discussed proposals to amend listing and delisting rules in Auditors registry. A decision shall be taken regarding these proposals in the next meeting.
The unit's BOD includes Mr. / Sherif Samy- EFSA's chairman and he is the Chairman of the unit and members representing the Ministry of Finance and the Central Auditing Organization and the General Authority for Investment and an experienced auditor and a representative of the investors. In this respect, Mr./ Kamel Saleh was chosen to represent the experienced auditors and Dr. Ashraf El Sharkawy for investors . In addition, Hazem Hassan - Head of the Egyptian Society of Accountants and Auditors (ESAA) and Dr. Abdel Aziz Hegazy - Head of the Egyptian Institute of Accountants and Auditors and Mohammed Timor - Chairman of the Egyptian Capital Market Association - ECMA and Saeed Gabr - representative of the Insurance Federation of Egypt and the Head of the Division of practitioners of Free professions - Egyptian Commerce Syndicate shall attend the meetings of the Board without having the right to vote.
Quality Control Unit ensures the abidance of auditors by the Egyptian auditing standards with respect to the listed companies , IPO companies and companies operating in securities, mutual funds , insurance and mortgage finance and other activities under EFSA's supervision .Moreover, the unit suggests listing rules for auditors to be listed at auditors' registry.
Mr. / Sherif Samy added that the quality control unit is approved to be an independent regulatory body in The International Forum of Independent Audit Regulators (IFIAR) on 30 March 2009. 35 member countries voted in majority for EFSA to join the forum, that is after ensuring the fact that it meets the conditions of accession which includes a mechanism that check the presence of the needed qualifications of the auditors of public companies before being listed in EFSA's registry. Besides, a mechanism that ensure the fact that the auditors are maintaining their professional skills and that they are following-up standards and guides issued by professional organizations. That is in addition to a mechanism that shall delist an auditor or prevent him from auditing the accounts of listed or public companies. Besides a mechanism that verifies auditors' independency. The board shall work for the public interest by providing a degree of confidence in the quality of auditors' work. The board shall be independent of the practitioners of the profession. It shall create a mechanism that provide a periodical inspection to ensure the quality of auditors' work , either directly or in collaboration with other organizations that ensure the quality of auditors' work . Finally, the board shall have certain competencies to impose penalties on auditors who violate auditing standards and rules listed in the registry .
© Press Release 2014
