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The Financial Regulatory Authority provides a guide to audit the accounts of entities licensed to practice microfinance activity

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  •  Dr. Omran:  Great attention is given to Upper Egypt governorates in the field of   microfinance
  •  Dr. Omran: We go to citizens in Upper Egypt to maximize the performance of microfinance activity

FRA’s Microfinance Unit held a training workshop in Luxor to introduce the new guide to audit the accounts of entities licensed to practice microfinance activity, like (companies, associations and NGOs). The guide was prepared by the Authority pursuant to the provisions of Article (9) of Microfinance Law No. 141 of 2014 to guide the auditors of companies, associations and NGOs licensed to practice microfinance activity.

Dr. Mohammed Omran, FRA’s Chairman revealed that the training meeting was attended by more than 60 auditors listed at FRA’s registry.  The said auditors review the accounts of the civil associations and institutions from class (C) which are licensed to practice microfinance activity.  The guide was introduced in the meeting.  Also, the role and functions of the auditors upon reviewing the financial statements of the microfinance activity was presented as well as an explanation of the most important rules for the preparation and presentation of these financial statements with a review of some practical cases.

Dr. Omran noted that FRA is keen in its meeting with auditors from Upper Egypt (Luxor, Red Sea, Menia, New Valley, Aswan, Assiut, Sohag and Qena) to present to them  results of training meetings held by the Authority in coordination with the Egyptian Microfinance Federation to provide training for the  auditors on the new accounting system  and emphasizing its positive impact which will  increase the associations’ efficiency  from the accounting point of view and its reflection on the associations upon  submitting  their reports and financial statements – defined by  the law – regularly and timely.

It is noteworthy that the number of civil associations and institutions from class (c) reached 811 by the end of 2017, and nearly two-thirds of this number is available in Upper Egypt governorates. Thus, FRA’s activities in of Upper Egypt governorates were of great importance for the development, support and spread of non-banking financial services all over Egypt and this will consequently boost financial inclusion process.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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