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European Union and Ministry of Finance launch Twinning Project

The project aims to enhance the accounting and auditing profession in Egypt
On 13 May 2015 the Ministry of Finance, the Ministry of International Cooperation and the European Union launched a new Twinning Project titled "Enhancing the Accounting and Auditing Profession in Egypt" funded by the European Union and will run for two years and the total budget is EUR 1.175.000.. The project will be a Twinning between the "Accounts and Financial Directorates Sector" of the Ministry of Finance and its counterpart in the Spanish Ministry of Finance and Economy (IEF-ICAC).
Head of Cooperation at the European Union Delegation to Egypt, Mr Diego Escalona Paturel, reiterated on the importance of qualitative and trustworthy information on the financial status of companies for trade and investment decisions, and the key role played in this by the accounting and audit profession. He emphasized that setting up modern mechanisms for the regulation of the profession, in line with international best practice, is a key building block in improving the business environment. He expressed his pleasure that the EU could support the sector through this twinning operation.

This Twinning project is one of several projects in support of the objectives of the Association Agreement between Egypt and the EU, which aims to promote trade and investment and economic cooperation between Egypt and the EU. Similar twinning projects between Egyptian administrations and their European counterparts are currently also ongoing in the Consumer Protection Agency, the National Institute for Standards, the Egyptian Organization for Standardization and Quality, the Egyptian Accreditation Council and the Egyptian Competition Authority.

Through the project, the Egyptian and Spanish entities will exchange experiences on best practices to supervise the accounting and audit profession, to ensure that high quality services are delivered by the profession. The project will include the provision of expertise by the Spanish partner, as well as study trips to Europe to interact with European counterparts. Professional associations representing the accounting and audit profession will be closely involved in the project. The activities under the project will focus on following objectives:

• Reviewing and updating the legal framework of Accountancy and Auditing;
• Enhancing the Public Oversight Structure of Accountancy and Auditing;
• Setting up a plan for continuous education and examination of accountants and auditors, and
• Assessing and suggesting how to better use modern communication technology to promote registration, certification and knowledge sharing for the accounting and audit profession

The launch event was attended by the representatives of the Ministry of Finance, the EU Delegation and the Embassy of Spain; as well as representatives from the different professional organizations of the accounting and audit sector (Syndicate and ESAA) and EFSA.
During the launch event Deputy Minister of Finance Ayman Al-Kaffas welcomed the project and thanked the EU and Spain for their support. He also stressed that the reform process would be a collaborative exercise, in partnership with all the stakeholders representing the accounting and audit profession.