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The country’s audit framework gets its first major overhaul since 2008: The Madbouly cabinet has issued a decision for a sweeping revamp of Egypt’s audit standards for the first time in 17 years, according to a statement from the Financial Regulatory Authority (FRA). The updated standards will come into effect in January 2027, replacing the country’s 2008 framework and bringing local auditing practices in line with international standards.
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A push for international alignment: The overhaul is designed to address gaps in Egypt’s audit ecosystem, enhance the quality of financial reporting, and align local practices with global standards. The FRA hopes the new framework will boost market transparency, improve disclosure practices, and increase investor confidence in Egypt’s capital markets.
What’s included in the new standards: The new framework consists of 46 new standards grouped into three main categories: Quality control and 37 updated audit standards; standards for limited review and assurance engagements; and a set of guidance notes and implementation tools to support auditors.
Raising the bar on quality control: A new quality control standard in the framework will require audit firms to implement internal systems that ensure compliance with legal and regulatory standards. Audit partners and offices will also be directly responsible for maintaining the quality of their reports under the updated rules.
Tackling high-risk areas more effectively: Under the new framework, auditors will now face stricter documentation and evidence requirements in sensitive areas such as fraud detection.
EGX-listed companies get new reporting requirements: Publicly listed companies will be subject to an expanded audit report format that includes the disclosure of key audit matters — a move expected to improve report clarity and enhance stakeholder insight.
The new framework also calls for broader adoption of audit tech and data analytics, while encouraging firms to train staff on modern digital tools.
