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Analysis of the Accounts Department of the Egyptian accountancy

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  1. Introduction
  2. The origins of the financial crisis: explanations
    1. Allocation of risky "subprime" mortgages
    2. Securitization of bad loans
    3. Market liquidity
  3. IFRS
    1. Traditional accounting models
    2. International standardization: is fair value "scapegoat" of the financial crisis?
  4. What is the future for fair value?
    1. Criticism of the IASB: a lack of anticipation of the adverse effects
    2. Reforms in fair value

The Arab Republic of Egypt is one of the greatest powers in the Arab world. It is distinguished by a large number of comparative advantages. Located at the crossroads of three continents (Europe, Africa and Asia), and bordered by linking the Mediterranean Sea and Red Sea through the Suez Canal, Egypt is a prerequisite for international trade.

The country has abundant natural resources like oil, gas, gold and uranium and is a tourist destination (11 million visitors in 2007). It has a population of around 80 million inhabitants, and 65% of the population is less than 25 years. It has a quality workforce and low wage levels, and has advantages to attract foreign companies on its territory.

Despite these advantages, the country faces serious economic difficulties, largely due to the rapid and poorly controlled population. To cope with these difficulties, a thorough reform to massively expand its private sector has been launched. Characterized initially by extensive privatization campaign (91 companies in 1998), it established a program to deregulate its market to attract foreign direct investment.

These measures seem to have borne fruit since the inward investment almost doubled between 2005 and 2006 to reach 10 billion dollars making Egypt the thirty-third most attractive country in the world.

The Egyptian Society of Accountants and Auditors plays a central role in the accounting profession. It is an organization of chartered accountants and is responsible for developing educational and professional standards (to regulate the training of accountants and auditors). It operates on a particular professional accounting. It was established in 1946 and is managed by a board of directors.

The Egyptian Society of Accountants and Auditors is a member of the International Federation of Accountants (IFAC), but it does not check whether its members comply with the standards of IFAC (IFAC, 2004).

Members are admitted when they meet one or more of the following:
A Ph.D. in accounting or auditing practice with three years of full-time professional. At least three years of full-time work experience under the supervision of a member of the Egyptian Society of Accountants andAuditors (or equivalent), and pass an examination. A membership in the Institute of Chartered Accountants in England or Wales, or another acceptable foreign professional body.

The Board of Registration of Accountants and Auditors is registered within the Ministry of Finance. It represents thousands of registered accountants. To be registered with the Board of Registration of Accountants andAuditors, different conditions are needed.
The Egyptian accounting standard setters is responsible by law to review, advise and adopt the draft accounting standards and methods of their application, draft legal texts and all matters relative to accounting . It is also charged with trying to harmonize international standards with the Egyptian standards. It's more or less equivalent to the CRC in France.

The Egyptian Organization for Standardization works primarily on problems that are reported and often ignores other areas of international standards on auditing (ISA). It analyzes and monitors the auditor's report on the financial statements, which improves the shape of the report, but covers the entire audit process.

Tags: Egypt, Egyptian Society of Accountants and Auditors , analysis of accounts department

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