- Dr. Mohamed Farid Saleh:
- We are working to continue developing accounting and auditing standards in a manner that enhances the competitiveness of the Egyptian economy.
- Aligning Egyptian standards with international standards strengthens transparency levels and the ability to attract investments.
- Auditing standards for less complex entities will be launched soon.
- Launching the Audit Guide to unify professional practices.
- Issuing accounting standards for small and medium-sized enterprises soon.
- The Committee includes diverse expertise and competencies with a broad reform agenda.
Dr. Mostafa Madbouly, Prime Minister, issued Decree No. 1274 of 2026 amending certain provisions of Prime Ministerial Decree No. 3725 of 2025, following the issuance of Decree No. 712 of 2026 concerning the Permanent Committee for Egyptian Accounting Standards and Egyptian Standards on Auditing, Limited Review, and Other Assurance Engagements. The Decree included the restructuring of the Committee chaired by the Minister of Investment and Foreign Trade and granting the Minister the authority to issue decisions to amend or replace standards based on the recommendations of the Permanent Committee, thereby enhancing the flexibility and speed of updating Egypt’s standards framework in line with international best practices.
In implementation of the Prime Minister’s decrees, Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade, chaired the first meeting of the Permanent Committee for Egyptian Accounting Standards and Egyptian Standards on Auditing, Limited Review, and Other Assurance Engagements, following the issuance of the decrees restructuring the Committee and granting the Minister powers to amend and replace standards. The meeting discussed plans for developing and updating accounting and auditing standards in a manner that contributes to enhancing transparency, improving the efficiency of the business environment, and supporting the competitiveness of the Egyptian economy.
The meeting was attended by Dr. Islam Azzam, Chairman of the Financial Regulatory Authority; Mr. Hazem Hassan, Chairman of the Egyptian Society of Accountants and Auditors; Mr. Khaled Abdel Aziz Hegazy, Chairman of the Board of Directors of the Egyptian Society of Accountants and Auditors; Mr. Mohamed Ayad, Assistant Minister of Investment and Foreign Trade; and Mr. Bassem Abdel Aziz, representative of the General Authority for Investment and Free Zones (GAFI). The meeting was also attended by professional experts, including Mr. Mohamed Yehia, Advisor to the Chairman of the Financial Regulatory Authority for Financial Reporting Quality and Auditing Standards; Mr. Sami Abdel Hafeez, Board Member and Deputy Chairman of the Standards Committee at the Egyptian Society of Accountants and Auditors; and Mr. Osama Emil, Committee Rapporteur and Internal Audit Manager at the Financial Regulatory Authority.
At the outset of the meeting, Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade, affirmed that the Egyptian state is moving steadily toward establishing an attractive investment environment based on transparency, disclosure, and governance. He noted that the Committee has already commenced extensive discussions on developing the Egyptian accounting standards for Small and Medium-Sized Enterprises (SMEs), which have not undergone a substantial update since their issuance in 2015.
He explained that the current direction aims to develop a comprehensive framework aligned with the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs), while taking into consideration the specific nature of the Egyptian business environment. This would contribute to simplifying accounting procedures, reducing compliance burdens, encouraging businesses to join the formal economy, and enhancing their access to financing and banking services.
He added that the development plan is not limited to updating accounting standards alone, but also extends to the preparation of specialized and simplified auditing standards for less complex entities, in response to calls from the business community to avoid imposing regulatory and supervisory burdens on startups and small enterprises beyond their operational capacities.
Dr. Mohamed Farid Saleh also revealed the Committee’s direction toward issuing a “Comprehensive Audit Guide” that would serve as a unified practical reference for auditors, with the aim of standardizing professional practices and establishing clear controls for review and audit processes, thereby improving the quality of financial statements and enhancing their credibility before regulatory authorities, financing institutions, and banks.
The Minister stated: “We are working to build an integrated trust framework that supports the sustainable growth of companies in accordance with international professional standards.”
On the professional capacity-building front, the Minister of Investment and Foreign Trade stressed the importance of developing human capital to ensure readiness for these updates through the provision of advanced training programs and specialized workshops in cooperation with local and international professional entities.
