- Fruitful cooperation is witnessed between Ministry of Finance's officials and Spanish experts with the aim of finding common legislative grounds and benefiting from experiences of the European Union Countries.
Ambassador, Mr. Ayman Alkaffas, Deputy Minister of Finance for External Affairs, made a speech in the winding up session of the Egyptian-Spanish Institutional Twinning Forum organized by the Ministry of Finance under the auspices of Finance Minister, Mr. Amr Al-Garhy.
Mr. Alkaffas shed light on the Ministry's interest to upgrade accountancy and auditing by making advantage of experiences of European countries through the Egyptian-Spanish Institutional Twinning Agreement concluded in this respect.
He noted that the Ministry, in its capacity as the government entity in charge of supervision on accountancy & auditing, worked in collaboration with the Syndicate of Commercial Professions and the Egyptian Society of Accountants & Auditors (ESAA) to set a program for upgrading the legal structure of accountancy and financial auditing in conformity with the international standards.
He referred to the new proposed draft law having been prepared and agreed on by the Egyptian and Spanish officials to organize accountancy and auditing professions, pointing out that the new Law would replace Law No. 133/1951 applicable more than 65 years ago. A supreme council for accountancy and auditing was set to be established under the Cabinet's ministerial decision in this effect, he added.
Over the 27 months of continuous meetings between the Egyptian and the Spanish parties, the following axes were proposed:
Laying down a new enrollment and testing system for applicants to accountancy and auditing professions so as to guarantee their high level of expertise and professionalism.
Establishing a unified control body for all auditors.
Urging auditors to timely participate in E-training and assessment programs.
Setting an official unified record for all auditors and keeping it up-to-date and with a free access to the public.
Developing an integrated communication and technological system capable of connecting companies, auditors, organizing authorities and the public via an interactive electronic portal.
On their part, the Spanish experts hailed the institutional twinning programs, pointing out that the financial support presented by the European Commission to this program is a manifestation to the mutual cooperation between Egypt and Spain.
Head of Accounts and Financial Directorates Sector, Mr. Emad Awad, emphasized the Ministry of Finance's plans to restructure accountancy and auditing measures, noting that the registering committee for accountants and auditors' record is branched under the organizational structure of the Sector.
He said that cooperation between the Spanish experts and the Ministry's teamwork yielded fruitful results, noting that the economic expert Ms. Doaa Fekry at the External Affairs Unit, and Mr. Mohamed Ibrahim, operation coordinator at the Sector, were among the members of the Ministry's teamwork.